Bullish, the institutional-focused crypto exchange trading on the NYSE under ticker BLSH, reported a second-quarter GAAP net loss of $280 million even as adjusted EBITDA more than tripled to $29.5 million and adjusted revenue rose 62% to $92.6 million. Shares rose 11.57% to $27.48 in Thursday trading, with the stock up a further 0.11% in premarket trading, as investors focused on stronger operating performance including record subscription and services revenue of $62.7 million, while digital asset sales fell to $32.6 billion from $58.6 billion a year earlier. Adjusted net income came in at $14.3 million, or 9 cents per share, slightly below consensus expectations of 10 cents, while revenue beat analyst estimates of $87.81 million. The company also expanded on its tokenization strategy. Chief Executive Officer Tom Farley said trading in Bullish's tokenized BLSH stock has already taken place on the Bullish exchange, with transactions settled against a dollar-pegged stablecoin. Bullish said the shares are issuer-sponsored and recorded at the registry level, meaning holders own the shares directly and have the same legal status as conventional shareholders. Farley described tokenization as a potentially major growth opportunity and praised the SEC's planned "innovation exemption" approach, saying clearer rules and safe harbors could help the market develop even though the expected rollout for trading tokenized stocks was said to have been delayed. Bullish has said it wants to build an issuer-supported tokenized securities platform spanning issuance, listing, trading and tracking as global securities migrate to public blockchains. The company also raised and refined its 2026 outlook, guiding for $225 million to $245 million in subscription, services and other revenue, $225 million to $230 million in adjusted operating expenses, and $52 million to $60 million in financing costs.