What are Bullish (BLSH)’s borrowings from related parties and associated interest costs?

At June 30, 2026, Bullish had $495.65M in borrowings from related parties. Related-party loan interest expense was $17.85M for the first half of 2026, contributing to total finance expense of $28.55M .

Bullish (NYSE: BLSH) posts Q2 2026 loss but higher adjusted revenue and EBITDA

Q: How did Bullish (BLSH) perform financially in Q2 2026 on an IFRS basis?

Bullish reported a Q2 2026 net loss of about $279.97M , compared with net income of roughly $108.27M in Q2 2025. The decline was driven by large digital asset fair value and impairment charges and other non-cash items.

Q: What were Bullish (BLSH)’s key non-IFRS results for the first half of 2026?

For the six months ended June 30, 2026, Bullish generated adjusted revenue of $185.42M , adjusted EBITDA of $64.69M , and adjusted net income of $34.61M . All three metrics improved significantly versus the prior-year period.

Q: How important were subscription and services revenues to Bullish (BLSH) in Q2 2026?

In Q2 2026, Bullish’s subscription and services revenue reached $62.69M , within total other revenues of $64.95M . Management highlighted this as record performance and a key driver of diversified, recurring revenue growth.

Q: What is Bullish (BLSH)’s liquidity position as of June 30, 2026?

As of June 30, 2026, Bullish reported gross liquid assets of $2.81B and net liquid assets of $2.10B . Cash and cash equivalents totaled $86.61M , with additional liquidity in digital assets, loans, and investments in financial assets.

Q: How large are Bullish (BLSH)’s digital asset impairment and fair value impacts?

For the first half of 2026, Bullish recorded impairment losses on digital asset intangibles of $532.48M and a total change in fair value of digital assets held, net of -$804.20M , significantly affecting IFRS profitability.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Bullish, an institutionally focused digital asset platform, reported weak IFRS results but stronger adjusted performance for the quarter and six months ended June 30, 2026. For Q2 2026, the company posted a net loss of about $279.97M, versus net income of about $108.27M a year earlier, driven largely by a $181.51M impairment of digital asset intangibles and other fair value losses. For the first half of 2026, the net loss widened to roughly $884.84M from about $240.35M.

On a non-IFRS basis, performance improved. For the six months, adjusted revenue rose to about $185.42M from $119.40M, and adjusted EBITDA increased to roughly $64.69M from $21.25M. Adjusted net income turned positive at about $34.61M, compared with an adjusted net loss of roughly $3.78M a year earlier, supported by record subscription, services and other revenue of $62.7M in Q2. Liquidity remains substantial but declined: gross liquid assets were $2.81B and net liquid assets $2.10B at June 30, 2026, down from $3.72B and $2.86B at year-end 2025.

Positive

Six-month adjusted revenue increased to $185.42M from $119.40M, reflecting strong growth in trading and information services.
Adjusted EBITDA for the first half improved to $64.69M from $21.25M, indicating significantly better underlying profitability.
Adjusted net income turned positive at $34.61M for the six months ended June 30, 2026, versus an adjusted net loss of $3.78M a year earlier.
Bullish reported gross liquid assets of $2.81B and net liquid assets of $2.10B at June 30, 2026, providing a sizeable liquidity base.
Subscription, services and other revenue reached a record $62.7M in Q2 2026, supporting a more diversified, less trading-dependent business mix.

Negative

IFRS net loss for Q2 2026 was about $279.97M, versus net income of roughly $108.27M in Q2 2025.
Six-month IFRS net loss widened to approximately $884.84M from about $240.35M a year earlier.
Bullish recorded substantial impairment losses on digital asset intangibles of $532.48M for the first half of 2026.
Total equity declined from $3.30B at December 31, 2025 to $2.46B at June 30, 2026, reflecting accumulated losses and reserve movements.
Both gross liquid assets and net liquid assets fell materially, from $3.72B to $2.81B and from $2.86B to $2.10B, respectively.

Filing Explained

As of June 30, 2026, Bullish reported 1,541,556 warrants and 6,337,241 options outstanding, creating conditional dilution exposure without completed issuance from them.

As a Form 6-K, this report furnishes Bullish’s interim information and attaches unaudited second-quarter statements; it also incorporates those statements into the existing Form S-8 registration statement. The incorporation changes the registration statement’s contents, but this report does not state that shares were offered or sold.

For the six months ended June 30, 2026, Bullish reported 1,171,703 Trading Rewards Program warrants granted and 1,541,556 warrants outstanding at period-end; options ended at 6,337,241 after 429,613 exercises. Under the disclosed dilution mechanics, any later issuance of shares on exercise would increase the share count and reduce existing holders’ percentage ownership absent offsetting changes; the filing does not report the outstanding warrants or remaining options as already issued common shares.

The material follow-up is whether a later filing reports exercise or issuance of these instruments, rather than treating the S-8 incorporation itself as a completed sale.

Key Figures

Q2 2026 Net Income/(Loss): -$279.97M Six-month Net Income/(Loss) 2026: -$884.84M Adjusted Revenue H1 2026: $185.42M +5 more

8 metrics

Q2 2026 Net Income/(Loss) -$279.97M IFRS net loss for the three months ended June 30, 2026

Six-month Net Income/(Loss) 2026 -$884.84M IFRS net loss for the six months ended June 30, 2026

Adjusted Revenue H1 2026 $185.42M Non-IFRS adjusted revenue for six months ended June 30, 2026

Adjusted EBITDA H1 2026 $64.69M Non-IFRS adjusted EBITDA for six months ended June 30, 2026

Adjusted Net Income H1 2026 $34.61M Non-IFRS adjusted net income for six months ended June 30, 2026

Gross Liquid Assets $2.81B Gross liquid assets as of June 30, 2026

Net Liquid Assets $2.10B Net liquid assets as of June 30, 2026

Borrowings from Related Parties $495.65M Non-current borrowings from related parties at June 30, 2026

Key Terms

Adjusted EBITDA, Gross liquid assets, Net liquid assets, fair value of financial liability at FVTPL, +2 more

6 terms

Adjusted EBITDA financial

"This communication includes certain financial measures that are not recognized by IFRS, including Adjusted EBITDA."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Gross liquid assets financial

"Gross liquid assets is defined as the sum of various digital assets and cash and cash equivalents."

Net liquid assets financial

"Net liquid assets is defined as Gross liquid assets, reduced by specified on-Exchange assets and borrowings."

fair value of financial liability at FVTPL financial

"Change in fair value of financial liability at FVTPL is presented within the income statement tables."

Derivative financial instruments financial

"The table below presents details regarding Derivative financial instruments (in thousands)."

Derivative financial instruments are contracts whose value is tied to the price of something else — for example a stock, bond, commodity or market index — much like an insurance policy or a bet tied to the outcome of an event. They matter to investors because they can be used to reduce risk, amplify returns or speculate on price moves, but they can also magnify losses and affect a company’s financial exposure and market volatility.

Impairment losses of digital assets held - intangible assets financial

"Impairment losses of digital asset held - intangible assets are included within change in fair value of digital assets held, net."

FAQ

How did Bullish (BLSH) perform financially in Q2 2026 on an IFRS basis?

Bullish reported a Q2 2026 net loss of about $279.97M, compared with net income of roughly $108.27M in Q2 2025. The decline was driven by large digital asset fair value and impairment charges and other non-cash items.

What were Bullish (BLSH)’s key non-IFRS results for the first half of 2026?

For the six months ended June 30, 2026, Bullish generated adjusted revenue of $185.42M, adjusted EBITDA of $64.69M, and adjusted net income of $34.61M. All three metrics improved significantly versus the prior-year period.

How important were subscription and services revenues to Bullish (BLSH) in Q2 2026?

In Q2 2026, Bullish’s subscription and services revenue reached $62.69M, within total other revenues of $64.95M. Management highlighted this as record performance and a key driver of diversified, recurring revenue growth.

What is Bullish (BLSH)’s liquidity position as of June 30, 2026?

As of June 30, 2026, Bullish reported gross liquid assets of $2.81B and net liquid assets of $2.10B. Cash and cash equivalents totaled $86.61M, with additional liquidity in digital assets, loans, and investments in financial assets.

How large are Bullish (BLSH)’s digital asset impairment and fair value impacts?

For the first half of 2026, Bullish recorded impairment losses on digital asset intangibles of $532.48M and a total change in fair value of digital assets held, net of -$804.20M, significantly affecting IFRS profitability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/13/2026 - 06:45 AM Accepted by SEC EDGAR 08/13/2026 - 06:45 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of August 2026

Commission File No. 001-42797

BULLISH

Office 101, 103, 105 Suite 70202, Unit 7A-2B, 2nd Floor

Building A, Block 7, 60 Nexus Way, Camana Bay,

George Town, Grand Cayman, Cayman Islands, KY1-9005

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On August 13, 2026, Bullish issued a press release titled “Bullish Reports Second Quarter 2026 Results.” A copy of the press release, the unaudited second quarter 2026 results and the earnings presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this report on Form 6-K.

Incorporation By Reference

The unaudited condensed consolidated statements of profit or loss and other comprehensive income/(loss), unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of cash flows attached as Exhibit 99.2 to this report on Form 6-K are hereby incorporated by reference into Bullish’s registration statement on Form S-8 (Registration No. 333- 289553) (including any prospectuses forming a part of such registration statement), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Bullish Reports Second Quarter 2026 Results
99.2	Second Quarter 2026 Unaudited Condensed Consolidated Financial Statements
99.3	Second Quarter 2026 Earnings Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BULLISH

Date: August 13, 2026	By:	/s/ Jose A. Torres
		Jose A. Torres
		Chief Accounting Officer

Exhibit 99.1

Bullish Reports Second Quarter 2026 Results

●

Q2’2026 Digital asset sales of $32.6 billion and Net income (loss) of $(280.0) million

●

Q2’2026 Adjusted revenue of $92.6 million and Adjusted EBITDA of $29.5 million

Cayman Islands, August 13, 2026 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced financial results for the second quarter ended June 30, 2026.

Tom Farley, CEO: “The nearly $300 trillion global securities market is moving onto public blockchains. Bullish is excited to work with issuers to make this happen in a way that accrues to their benefit. Upon close of the proposed Equiniti transaction, Bullish will assemble the complete offering for the issuance, listing, trading and tracking of issuer-sponsored tokens.”

Dave Bonanno, CFO: "Our diversified model delivered again this quarter: record subscription, services and other revenue of $62.7 million drove adjusted revenue up 62% year over year, more than offsetting a softer trading market. That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange."

Q2 2026 Financial Highlights

All amounts compared to Q2 2025

Digital asset sales were $32.6 billion vs. $58.6 billion

Net income (loss) was $(280.0) million vs. $108.3 million equivalent to $(1.78) vs. $0.93 per diluted share

Adjusted revenue (non-IFRS) was $92.6 million vs. $57.0 million

Adjusted transaction revenue (non-IFRS) was $29.9 million vs. $24.1 million

Adjusted EBITDA (non-IFRS) was $29.5 million vs. $8.1 million

Adjusted net income (non-IFRS) was $14.3 million vs. $(6.0) million

Q2 2026 Key Business Metrics

Business Highlights

Equiniti Deal Progress: Equiniti acquisition on track and subject to customary closing conditions and regulatory approvals, expected to close in early 2027 with momentum building

Continued Momentum in SS&O Revenue: Steady SS&O revenue despite macroeconomic headwinds underpinned by renewed strength in liquidity services

Tier-1 CoinDesk Index Adoption: Morgan Stanley launched BTC, ETH, and SOL exchange traded products using CoinDesk’s benchmarks and attracted more than $400m in Q2 inflows

Increased Regulatory Footprint: Received approval from the Gibraltar Financial Services Commission (GFSC) for tokenized securities as one of the first fully regulated venues to offer secondary trading in issuer-sponsored tokenized securities

Record Consensus Event: Delivered on landmark Consensus Miami event, with both Hong Kong and Miami events bringing together 26,000+ attendees, ~10,000 companies, 500+ speakers, and 250+ institutional sponsors

Refining Full Year 2026 Guidance

Management's refined guidance for the full year 2026 is as follows:

The refined guidance is provided given our first-half performance and improved visibility

Subscription, services & other revenue (non-IFRS) of $225.0 million to $245.0 million

Adjusted operating expenses (non-IFRS) of $225.0 million to $230.0 million

Finance expense of $52.0 million to $60.0 million

Conference Call Webcast and Q&A Information

Bullish will host a call to discuss its results at 8:30 a.m. ET on August 13, 2026. The live webcast can be accessed at investors.bullish.com, along with supplemental slides. Following the call, a replay and transcript will be available at investors.bullish.com.

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Contacts

Media: media@bullish.com

Investor Relations: investors@bullish.com

Source: Bullish

Non-IFRS financial measures and key performance indicators

This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, services and other revenue,” “adjusted revenue,” “adjusted net income / (loss)” and “adjusted EBITDA,” “gross liquid assets” and “net liquid assets”, and “adjusted operating expense.” These non-IFRS financial measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. We believe these non-IFRS financial measures provide useful information to management and investors regarding certain financial and business trends. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments about which items of expense and income are excluded or included in determining these non-IFRS financial measures. Refer to the section “Reconciliation of Non-IFRS Measures” for further details and a reconciliation of the non-IFRS financial measures presented to their most directly comparable IFRS financial measures.

This communication also provides our forward-looking “adjusted transaction revenue,” “subscription, services & other revenue,” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” guidance for the upcoming fiscal quarter. Information reconciling upcoming fiscal quarter “adjusted transaction revenue,” “subscription, services & other revenue,” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” to their most directly comparable IFRS financial measures is unavailable to us without unreasonable effort due to the high variability, complexity and lack of visibility in making accurate forecasts and projections to certain reconciling items. These items cannot be reasonably and accurately predicted without the investment of undue time, costs and other resources, and accordingly, no reconciliation of the forward-looking non-IFRS financial measures is included. These reconciling items could be material to our actual results for the period.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “will,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Such statements include, without limitation, statements relating to the acquisition of Equiniti, the status of pending regulatory approvals and integration efforts, the future financial or operating performance, business strategy, and potential market opportunity of Bullish, Equiniti or the combined companies; our expected financial or operating performance, including for the upcoming fiscal quarter and fiscal year end; our business strategy and potential market opportunities; current and prospective products, services or acquisitions; trends in, demand for, and growth and market size of, the digital assets industry; the breadth and timing of onchain adoption; expectations regarding relationships with clients and third-party business partners and overall business momentum; our plans and expectations related to tokenization and the growth and adoption of tokenized securities and blockchain technology; competition in our industry; the regulatory and legal environment, including regulatory proceedings or approvals; and general economic and business conditions. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by us, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited to the satisfaction of the conditions to closing the acquisition of Equiniti in the anticipated timeframe or at all; the failure to obtain necessary regulatory approvals; the ability to realize the anticipated benefits of the combination; the ability to successfully integrate the business; litigation or regulatory actions related to the acquisition and combination; disruption from the acquisition and combination and its impact on our ability to grow our business and operations, including in new geographic locations; the costs or expenditures associated therewith; intense competition in our industry, including from unregulated and less-regulated entities and platforms; our ability to execute our business strategy and grow our business and operations, including in new geographic locations; our ability to develop, launch and improve our products and services and their adoption; our ability to attract and retain customers; the evolving rules and regulations applicable to digital assets, tokenization and our products and services; our ability to obtain and maintain regulatory approvals and stay in compliance with laws and regulations, and the costs of doing so; evolution and adoption of digital assets; interest rate fluctuations and digital asset price volatility; changes in, or unexpected, costs to operate our business; cybersecurity risks, including with respect to digital assets custody; disruptions to information and technology systems, blockchain networks and third-party services on which we rely; changes in general market, political or economic conditions; and other risks and uncertainties set forth in the section entitled “Risk Factors” in our 20-F dated March 9, 2026 filed with the Securities and Exchange Commission (“SEC”), as well as potential risks and uncertainties disclosed in our other filings with the SEC. We may not actually achieve the performance, plans, or expectations disclosed in our forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake any duty to update forward-looking statements.

Definitions of Certain Metrics

	●	Adjusted transaction revenue is a non-IFRS financial measure intended to capture the fees and trading spreads earned from customers trading on our Exchange. We define adjusted transaction revenue as (i) the portion of “Digital asset sales”, as reported in accordance with IFRS, attributable to digital asset sales on our Exchange, less (ii) the “Cost of digital assets derecognized” excluding such costs from sales on venues other than the Exchange, plus (iii) the change in fair value of digital asset inventories, arising from purchase of digital assets on our Exchange (included within reported “Change in fair value of digital assets held, net”), plus (iv) transaction income (included within reported “Other revenues”), plus (v) net spread related income and change in fair value of perpetual futures on the Exchange.

		We exclude digital asset sales, and the related cost of digital assets derecognized, from trading activity on venues other than our Exchange. We also exclude subscription and services revenue (included within reported other revenues). In each case, this approach is intended to ensure that our adjusted transaction revenue metric reflects the core performance of our trading operations and provides a clearer understanding of our business activities on our Exchange.

		While we include change in fair value of digital asset inventories, specifically the bid-offer spread earned from the purchase of digital assets on our Exchange, as part of our adjusted transaction revenue, we do not include other reported changes in fair value, such as subsequent remeasurements and mark-to-market adjustments. This is because these remeasurements, including impairment losses of digital assets held under intangible assets, are not considered part of our ongoing business operations and do not align with our intention to avoid taking directional trading positions.

	●	Adjusted revenue is a non-IFRS financial measure intended to reflect the revenues generated by our trading and information services and also from our investing activities. We define adjusted revenue as adjusted transaction revenue, plus (i) subscription and services revenue, which is included in reported other revenues and includes interest and revenues from CoinDesk Data & Indices and CoinDesk Media & Events, plus (ii) for periods prior to 2024 only, change in fair value of investment in financial assets, plus (iii) the net income from DeFi protocols excluding the fair value change of underlying digital assets, that is reported under OCI.

		Specifically, adjusted revenue includes the fees and trading spreads earned from customers trading on our Exchange, excludes gains or losses from the remeasurement of our digital assets and includes other fees such as interest and revenue from CoinDesk Data & Indices and CoinDesk Media & Events.

●

Adjusted EBITDA is calculated as income/(loss) after tax adjusted to exclude:

○

digital asset sales and the cost of digital assets derecognized on other venues, as these transactions do not directly reflect the core activities of liquidity provision and client facilitation on our Exchange. Excluding these is intended to ensure that our Adjusted EBITDA remains focused on the fundamental operations that drive our business;

○

gains or losses from the remeasurement of our digital assets, as these assets are held to facilitate client trading rather than for proprietary trading purposes. Such remeasurement reflects mark-to-market (MTM) adjustments including the impairment losses held under intangible assets that are not part of our ongoing business operations and do not align with our intention to avoid taking directional trading positions. The primary focus of our business model is to provide liquidity and facilitate client transactions on our Exchange, with the key performance metric being the bid-offer spread earned from digital asset spot transactions. Including MTM adjustments would introduce volatility that is not reflective of our core operational performance and could mislead stakeholders about the true drivers of our business;

○

certain non-cash charges such as share-based compensation expenses and depreciation and amortization because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations;

○

provision for or benefit from income tax and finance expenses;

○

change in fair value of derivatives and financial liability at FVTPL;

○

the change in fair value of investments in financial assets related to digital asset funds. These investments are not central to our core operations, as they do not directly contribute to our primary business activities of liquidity provision and client facilitation. The fair value changes are primarily driven by the mark-to-market (MTM) adjustments of the underlying digital assets within the funds. Including these fair value changes would introduce volatility of digital assets that does not accurately represent the operational metrics that are indicative of our business performance. Our core operating performance focuses on providing liquidity and facilitating client transactions, and we aim to avoid taking directional trading positions;

○

certain acquisition-related and integration costs associated with business combinations, various restructuring and other costs, and goodwill impairment charges, all of which are not normal operating expenses. These adjustments aid in the comparability of our results across periods. Acquisition related costs include amounts paid to redeem acquirees’ unvested share-based compensation awards, legal, accounting, valuation, and due diligence costs. Integration costs include advisory and other professional services or consulting fees necessary to integrate acquired businesses. Restructuring and other costs that are not reflective of our core business operating expenses may include severance costs, contingent losses, impairment charges, and certain litigation and regulatory charges; and

○

the net income from DeFi protocols, excluding the fair value change of underlying digital assets, which is a component of the “Revaluation of digital assets held as investments” under OCI. Deploying our digital assets in these protocols are a strategic component of our business model, providing additional yield and enhancing our liquidity management capabilities. Including this net income in Adjusted EBITDA reflects the performance of our investment activities and supports our focus on core operations.

●

Adjusted EBITDA Less Capex is Adjusted EBITDA excluding funds used to acquire, upgrade, or maintain physical assets such as property, plants, buildings, technology, or equipment.

●

Adjusted net income/(loss) is calculated as income/(loss) after tax adjusted by the same adjustment items taken into account for determining adjusted EBITDA, with further adjustment to add back finance expense and depreciation and amortization, and reduced by tax effect of the adjustments.

	●	Adjusted operating expense is calculated by taking total operating expenses (which includes Administrative expenses and Other expenses) and excluding items we do not consider representative of our core, ongoing operating performance. These excluded items are Stock-based compensation expense, Depreciation and amortization expense, and certain non-recurring expenses.

		We believe Adjusted operating expense is a useful supplemental measure for investors, as it provides a clearer view of our operational efficiency by removing non-cash expenses (depreciation, amortization, and stock-based compensation) and other items not indicative of ongoing business trends. Management uses this measure to assess business performance and to plan for future periods.

●

Subscription, services & other revenue is a non-IFRS financial measure intended to provide a comprehensive view of our diverse revenue streams beyond core transaction fees and spreads. This measure includes revenue from lending and liquidity services, such as interest earned from third-party lending arrangements like credit line facilities and margin loans, interest on our own cash and stablecoins, fees from liquidity services and promotional income, and revenues from CoinDesk services such as sponsorships, event admissions, and index data licensing fees. It also incorporates the net income from DeFi protocols (excluding any fair value changes of the underlying digital assets). This non-IFRS measure is calculated by taking "Subscription and services revenue" (as reported within the "Other revenues") and adding "Net income from DeFi protocols, excluding the fair value change of underlying digital assets" (as reported within “Revaluation of digital assets held as investments”). By consolidating these various income sources, we believe this measure offers a more distinct view of the growth and performance of our service-oriented business lines, separate from our core transaction-based revenues.

●

Trading volume represents the notional value of trades, i.e., the product of the quantity of assets transacted and the trade price at the time the spot transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.

●

Average daily volume represents the total Trading volume for the applicable period divided by the number of trading days in such period.

	●	Average trading spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed in basis points (bps) of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.

	●	Gross liquid assets is defined as the sum of (i) Digital assets held — inventories, (ii) Digital assets held — intangible assets, (iii) Digital assets held — financial assets, (iv) Loans and other receivables — digital assets, (v) Investments in financial assets, and (vi) Cash and cash equivalents.

	●	Net liquid assets is defined as Gross liquid assets, reduced by (i) Digital assets held — inventories, (ii) the portion of Digital assets held — financial assets on our Exchange, (iii) the portion of Cash and cash equivalents on our Exchange, (iv) Borrowings, (v) Borrowings from related parties, and (vi) Digital assets loan payable.

●

Adjusted Diluted Earnings Per Share “EPS” is defined as Adjusted Net Income divided by Adjusted Diluted Weighted Average Shares Outstanding. The numerator, Adjusted Net Income, is defined above. The denominator, Adjusted Diluted Weighted Average Shares Outstanding, is calculated as the basic weighted average shares of common stock outstanding determined in accordance with IFRS, plus the assumed exchange of all outstanding Participating Securities into shares of diluted weighted average shares outstanding. This adjustment reflects the fully diluted capital structure of the Company by including all equity-linked instruments that have economic participation rights. Adjusted Diluted EPS has limitations as an analytical tool and should not be considered in isolation or as a substitute for diluted earnings per share calculated in accordance with IFRS.

●

Adjusted Fully Diluted WA Shares Outstanding is defined as Ordinary shares outstanding plus (i) the vested and unvested portion of BMC1 Class A and Class B shares as converted into Ordinary shares (ii) the vested and unvested portion of outstanding options assuming all options are exercised for Ordinary shares (iii) the vested and unvested portion of RSU's outstanding that have not yet been delivered less (iv) the number of Ordinary shares Bullish would be able to repurchase at market price with the proceeds from the exercise of vested and unvested options.

BULLISH

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)

FOR THE three and six months ended June 30, 2026 and 2025

(In thousands, except per share data)

	Three months ended June 30,						Six months ended June 30,
($ in thousands, except per share data)		2026			2025			2026			2025
Digital assets sales	$	32,585,087		$	58,630,645		$	84,397,834		$	138,866,802
Cost of digital assets derecognized		(32,569,561	)		(58,615,273	)		(84,362,303	)		(138,824,914	)
Other revenues		64,951			32,292			122,433			52,596
Change in fair value of digital assets held, net		(244,614	)		68,409			(804,198	)		(178,353	)
Net spread related income and change in fair value of perpetual futures on the Exchange		(98	)		(1,989	)		(63	)		(5,691	)
Change in fair value of investment in financial assets		(30,578	)		86,359			(122,951	)		14,549
Administrative expenses		(56,268	)		(43,017	)		(104,548	)		(90,203	)
Other expenses		(32,513	)		(17,362	)		(78,043	)		(32,425	)
Finance expense		(14,459	)		(13,291	)		(28,547	)		(23,531	)
Change in fair value of derivatives		22,383			(2,379	)		91,580			(2,379	)
Change in fair value of financial liability at FVTPL		(4,300	)		(15,250	)		4,200			(16,150	)
Income/(loss) before income tax	$	(279,970	)	$	109,144		$	(884,606	)	$	(239,699	)
Income tax benefit/(expense)		(4	)		(876	)		(230	)		(655	)
Net income/(loss)	$	(279,974	)	$	108,268		$	(884,836	)	$	(240,354	)

Attributable to:
Owners of the Group		(270,193	)		107,513			(851,906	)		(236,481	)
Non-controlling interests		(9,781	)		755			(32,930	)		(3,873	)
Net income/(loss)	$	(279,974	)	$	108,268		$	(884,836	)	$	(240,354	)

Other comprehensive income/(loss)
Items that will not be subsequently reclassified to profit or loss:
Revaluation of digital assets held as investments		30,210			478,689			3,574			378,786
Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk		(8,500	)		(4,350	)		5,750			1,700

Items that may be reclassified subsequently to profit or loss:
Foreign exchange differences on translation of foreign operations		(62	)		1,591			(364	)		2,134

Total comprehensive income/(loss)	$	(258,326	)	$	584,198		$	(875,876	)	$	142,266

Attributable to:
Owners of the Group		(250,774	)		576,422			(844,677	)		140,104
Non-controlling interests		(7,552	)		7,776			(31,199	)		2,162
Total comprehensive income/(loss)	$	(258,326	)	$	584,198		$	(875,876	)	$	142,266

Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share
Basic		151,684			113,215			151,417			113,215
Diluted		151,684			115,951			151,417			113,215
Earnings/(Loss) per share
Basic	$	(1.78	)	$	0.95		$	(5.63	)	$	(2.09	)
Diluted	$	(1.78	)	$	0.93		$	(5.63	)	$	(2.09	)

BULLISH

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AS OF June 30, 2026 AND December 31, 2025

(In thousands)

($ in thousands)		June 30, 2026			December 31, 2025

ASSETS
Non-current assets
Goodwill	$	62,648		$	63,062
Other intangible assets		29,978			31,104
Property and equipment and right-of-use assets		27,541			28,369
Deferred tax assets		2,823			2,865
Other assets		26,074			21,311
Restricted cash		5,817			5,727
Total non-current assets	$	154,881		$	152,438

Current assets
Digital assets held - inventories	$	139,131		$	206,178
Digital assets held - intangible assets		1,133,596			1,537,071
Digital assets held - financial assets		952,626			1,037,915
Loan and other receivables - digital assets		269,111			446,481
Derivative financial instruments		—			—
Investments in financial assets		226,237			404,144
Other assets		64,687			47,502
Customer segregated cash		52,724			20,044
Restricted cash		17,106			16,839
Cash and cash equivalents		86,614			87,892
Total current assets	$	2,941,832		$	3,804,066

Total assets	$	3,096,713		$	3,956,504

LIABILITIES
Non-current liabilities
Borrowings from related parties	$	495,650		$	505,600
Convertible redeemable preference shares		—			—
Digital assets loan payable		2,916			5,267
Lease liabilities		13,064			14,378
Deferred tax liabilities		1			18
Other payables		—			3,000
Total non-current liabilities	$	511,631		$	528,263

Current liabilities
Customer segregated cash liabilities	$	52,724		$	20,044
Borrowings		11			49,982
Digital assets loan payable		66			334
Lease liabilities		6,446			5,524
Other payables		61,697			54,028
Derivative financial instruments		4,108			—
Total current liabilities	$	125,052		$	129,912

Total liabilities	$	636,683		$	658,175

Net assets	$	2,460,030		$	3,298,329

EQUITY
Share capital and share premium	$	5,124,909		$	5,110,063
Option premium on convertible redeemable preference shares		—			—
Reserves		414,108			774,224
Accumulated deficit		(3,123,985	)		(2,668,100	)
Total shareholders' equity attributable to the owners of the Group	$	2,415,032		$	3,216,187

Non-controlling interests		44,998			82,142

Total equity	$	2,460,030		$	3,298,329

BULLISH

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE three and six months ended June 30, 2026 and 2025

(In thousands)

	Three months ended						Six months ended
	June 30,						June 30,
	2026			2025			2026			2025
Cash flows from operating activities
Net income/(loss)	$	(279,974	)	$	108,268		$	(884,836	)	$	(240,354	)
Adjustments for:
Interest income		(4,818	)		(3,394	)		(10,504	)		(6,026	)
Debt interest expense		14,193			13,013			27,970			23,000
Lease interest expense		266			278			577			531
Net foreign exchange loss		—			218			—			(44	)
Share-based payments expenses		5,031			3,256			10,634			8,389
Depreciation of property and equipment and right-of-use assets		1,480			1,632			3,150			3,130
Amortization of other intangible assets		558			557			1,115			1,173
Impairment of right-of-use asset		—			—			591			—
(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net		71,610			(159,120	)		298,029			17,364
Change in fair value of financial liability at FVTPL		4,300			15,250			(4,182	)		16,150
Impairment losses of digital assets		180,833			6,731			540,042			148,819
Operating cash flows before changes in operating assets and liabilities		(6,521	)		(13,311	)		(17,414	)		(27,868	)

Decrease/(increase) in other assets		(16,139	)		1,835			(37,876	)		3,019
Decrease/(increase) in deferred tax assets		171			(163	)		41			(431	)
Decrease/(increase) in digital assets held - inventories		(12,676	)		(9,464	)		(6,671	)		273,380
Decrease/(increase) in digital assets held - financial assets		520,943			(560,705	)		202,933			(825,304	)
Decrease/(increase) in digital assets held - loan receivable		(484,328	)		596,379			(92,724	)		593,256
Increase/(decrease) in other payables		14,590			2,165			21,010			(5,273	)
Increase/(decrease) in customer segregated cash liabilities		(2,916	)		(2,460	)		32,680			(2,244	)
Increase/(decrease) in deferred tax liabilities		(17	)		(4	)		(16	)		6
Interest received		3,779			2,733			5,846			4,885

Net cash provided by/(used in) operating activities		16,886			17,005			107,809			13,426

Cash flows from investing activities
Purchase of investment in financial assets		—			—			(6,449	)		(1,275	)
Proceeds on investment in financial assets		4,163			—			4,163			—
Purchase of property and equipment		(635	)		(54	)		(1,047	)		(250	)
Proceeds on disposal of property and equipment		9			—			29			—
Purchase of digital assets held - intangible assets		—			(173	)		(907	)		(41,664	)
Proceeds on disposal of digital assets held - intangible assets		895			—			5,240			30,448

Net cash used in investing activities		4,432			(227	)		1,029			(12,741	)

Cash flows from financing activities
Proceeds from issuance of ordinary shares		2,527			—			3,876			—
Interest paid		(14,193	)		(10,399	)		(27,970	)		(20,639	)
Proceeds from loans		—			100,000			—			174,300
Repayment of loans		—			(100,000	)		(50,000	)		(149,300	)
Repayment on lease liabilities		(1,729	)		(1,532	)		(2,855	)		(2,863	)

Net cash provided by/(used in) financing activities		(13,395	)		(11,931	)		(76,949	)		1,498

Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash		7,923			4,847			31,889			2,183
Cash and cash equivalents, customer segregated cash and restricted cash at beginning of the period		154,535			52,888			130,502			55,783
Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash		(197	)		124			(130	)		(107	)
Cash and cash equivalents, customer segregated cash and restricted cash at end of the period	$	162,261		$	57,859		$	162,261		$	57,859

Cash and cash equivalents, customer segregated cash and restricted cash consisted of the following:
Customer segregated cash		52,724			4,138			52,724			4,138
Restricted cash		22,923			18,161			22,923			18,161
Cash and cash equivalents		86,614			35,560			86,614			35,560
Total cash and cash equivalents, customer segregated cash and restricted cash	$	162,261		$	57,859		$	162,261		$	57,859

Supplemental schedule of non-cash investing and financing activities
Recognition of right-of-use assets against lease liabilities		—			752			—			3,467
Purchase of digital assets held - intangible assets		(4,678,154	)		(23,617,796	)		(8,074,124	)		(35,764,843	)
Proceeds on disposal of digital assets held - intangible assets		4,703,795			23,660,499			8,123,895			35,478,545
Digital asset loan receivables made, net		601,766			(4,335	)		86,910			28,137
Digital asset pledged as collateral made, net		—			(4,162	)		98,452			79,974
Interest Received in Digital Assets		639			—			1,601			—
Purchase of investment in financial assets via USDC		—			—			—			(10,116	)
Prepayment on intangible assets (made)/returned, net		(9,998	)		2,036			(17,364	)		2,036
Non-cash purchase of investment		—			—			(6,770	)		—
Non-cash proceeds of sales of investments		38,475			—			159,315			—
Interest paid in digital assets		(4,923	)		(2,892	)		(9,606	)		(2,892	)
Proceeds from borrowings via digital assets		1,397,562			1,649,361			2,364,403			2,326,320
Repayment from borrowings via digital assets		(1,392,781	)		(1,630,389	)		(2,355,744	)		(2,303,147	)
Proceeds from digital assets loan payable via digital assets		101,122			132,189			256,050			216,743
Repayments from digital assets loan payable via digital assets		(101,778	)		(180,466	)		(256,002	)		(215,362	)

Non-IFRS Measures Summarized

In US$ thousands

	Six months ended
	June 30,		June 30,
($ in thousands)	2026		2025
Non-IFRS Financial Measures
Adjusted transaction revenue	$	67,914	$	66,114
Adjusted revenue	$	185,423	$	119,401
Adjusted EBITDA	$	64,690	$	21,246
Adjusted Net Income	$	34,611	$	(3,782	)
Adjusted Opex	$	120,733	$	98,155

	Period ended
	June 30,		December 31,
($ in thousands)	2026		2025
Gross Liquid Assets	$	2,807,315	$	3,719,681
Net Liquid Assets	$	2,101,571	$	2,859,701

Reconciliation of Non-IFRS Measures

In US$ thousands

($ in thousands)	Six months ended
	June 30,			June 30,
Adjusted Transaction Revenue and Adjusted Revenue	2026			2025
Digital assets sales	$	84,397,834		$	138,866,802
Digital asset sales on venues other than Exchange		-			(333,933	)
Digital asset sales - on our Exchange	$	84,397,834		$	138,532,869
Cost of digital assets derecognized - on our Exchange		(84,362,303	)		(138,490,874	)
Change in fair value of digital assets inventories, arising from purchase of digital assets on our Exchange		27,472			28,863
Transaction income		4,974			947
Net spread related income and change in fair value of perpetual futures		(63	)		(5,691	)
Adjusted Transaction Revenue	$	67,914		$	66,114
Subscriptions and services revenue		117,459			51,649
Change in fair value of investment in financial assets		—			—
Revaluation of digital assets held as investments		50			1,638
Adjusted Revenue	$	185,423		$	119,401

Adjusted EBITDA and Adjusted Net Income

Net Income/(loss)	$	(884,836	)	$	(240,354	)
*Adjusted to exclude the following:*
Digital asset sales on venues other than Exchange		-			(333,933	)
Cost of digital assets derecognized on other venues		-			334,040
Loss/(Gain) from changes in fair value of digital assets inventories net payable to customers		216,177			92,430
Income tax expense		230			655
Finance expense		28,547			23,531
Employee share-based payment expenses		10,634			8,389
Other share-based payment expenses		23,029			-
Change in fair value of loan and other receivables - digital assets		85,379			(33,558	)
Change in fair value of digital assets loan payable		(2,369	)		(475	)
Change in fair value of derivatives		(91,580	)		2,379
Change in fair value of financial liability at FVTPL		(4,200	)		16,150
Change in fair value of investments in financial assets		122,951			(14,549	)
Impairment losses of digital assets held - intangible assets		532,483			148,819
Impairment of right-of-use assets		591			-
Impairment of digital assets		8,239			-
Non-recurring expenses		17,824			14,498
Depreciation and amortization		1,541			1,586
*Adjusted to include the following:*
Revaluation of digital assets held as investments		50			1,638
Adjusted EBITDA	$	64,690		$	21,246

Finance expense		(28,547	)		(23,531	)
Depreciation and amortization		(1,541	)		(1,586	)
Tax effect of adjusted net income before taxes		9			89
Adjusted Net Income	$	34,611		$	(3,782	)

Note - Figures presented may not sum precisely due to rounding.

Gross and Net Liquid Assets

In US$ thousands

($ in thousands)		June 30, 2026			December 31, 2025
Digital assets held - inventories	$	139,131		$	206,178
Digital assets held - intangible assets		1,133,596			1,537,071
Digital assets held - financial assets (on Exchange)		59,976			84,993
Digital assets held - financial assets (off Exchange)		892,650			952,922
Loan and other receivable		269,111			446,481
Investments in financial assets		226,237			404,144
Cash and cash equivalents		86,614			87,892
Gross Liquid Assets	$	2,807,315		$	3,719,681

(-) Digital assets held - inventories		(139,131	)		(206,178	)
(-) Digital assets held - financial assets (on Exchange)		(59,976	)		(84,993	)
(-) Digital assets loan payable		(2,982	)		(5,601	)
(-) Borrowings		(11	)		(49,982	)
(-) Borrowings from related parties		(495,650	)		(505,600	)
(-) Cash on the Exchange		(7,994	)		(7,626	)
Net Liquid Assets	$	2,101,571		$	2,859,701

Note - Figures presented may not sum precisely due to rounding.

Reconciliation of Adjusted Operating Expense

In US$ thousands

($ in thousands)	Six months ended
	June 30,		June 30,
IFRS Core Operating Expense to Adjusted Operating Expense	2026		2025
IFRS Core Operating Expense	$	182,591	$	122,628

Adjusted for
Employee stock-based compensation expense		10,634		8,389
Other stock-based compensation expense		23,029		-
Non-recurring expenses - legal and professional fees		15,573		12,383
Non-recurring expenses - compensation and benefits		1,842		2,115
Non-recurring expenses - other		409		-
Depreciation and amortization expense		1,541		1,586
Impairment of right-of-use assets		591		-
Impairment of digital assets		8,239		-

Adjusted Operating Expense	$	120,733	$	98,155

Note - Figures presented may not sum precisely due to rounding.

Table of Contents

Exhibit 99.2

INDEX TO FINANCIAL STATEMENTS

	Page
BULLISH — UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) for the three and six months ended June 30, 2026 and 2025	2
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	3
Unaudited Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025	4
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	5
Notes to the Unaudited Condensed Consolidated Financial Statements	6

Table of Contents

BULLISH

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)

FOR THE three and six months ended June 30, 2026 and 2025

(In thousands, except per share data)

			Three months ended June 30,						Six months ended June 30,
	Notes		2026			2025			2026			2025
Digital assets sales		4	$	32,585,087		$	58,630,645		$	84,397,834		$	138,866,802
Cost of digital assets derecognized		5		(32,569,561	)		(58,615,273	)		(84,362,303	)		(138,824,914	)
Other revenues		6		64,951			32,292			122,433			52,596
Change in fair value of digital assets held, net		7		(244,614	)		68,409			(804,198	)		(178,353	)
Net spread related income and change in fair value of perpetual futures on the Exchange				(98	)		(1,989	)		(63	)		(5,691	)
Change in fair value of investment in financial assets		14		(30,578	)		86,359			(122,951	)		14,549
Administrative expenses		8		(56,268	)		(43,017	)		(104,548	)		(90,203	)
Other expenses		9		(32,513	)		(17,362	)		(78,043	)		(32,425	)
Finance expense		10		(14,459	)		(13,291	)		(28,547	)		(23,531	)
Change in fair value of derivatives				22,383			(2,379	)		91,580			(2,379	)
Change in fair value of financial liability at FVTPL				(4,300	)		(15,250	)		4,200			(16,150	)
Income/(loss) before income tax			$	(279,970	)	$	109,144		$	(884,606	)	$	(239,699	)
Income tax benefit/(expense)		11		(4	)		(876	)		(230	)		(655	)
Net income/(loss)			$	(279,974	)	$	108,268		$	(884,836	)	$	(240,354	)

Attributable to:
Owners of the Group				(270,193	)		107,513			(851,906	)		(236,481	)
Non-controlling interests				(9,781	)		755			(32,930	)		(3,873	)
Net income/(loss)			$	(279,974	)	$	108,268		$	(884,836	)	$	(240,354	)

Other comprehensive income/(loss)
Items that will not be subsequently reclassified to profit or loss:
Revaluation of digital assets held as investments				30,210			478,689			3,574			378,786
Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk				(8,500	)		(4,350	)		5,750			1,700
			$	21,710		$	474,339		$	9,324		$	380,486
Items that may be reclassified subsequently to profit or loss:
Foreign exchange differences on translation of foreign operations				(62	)		1,591			(364	)		2,134

Total comprehensive income/(loss)			$	(258,326	)	$	584,198		$	(875,876	)	$	142,266

Attributable to:
Owners of the Group				(250,774	)		576,422			(844,677	)		140,104
Non-controlling interests				(7,552	)		7,776			(31,199	)		2,162
Total comprehensive income/(loss)			$	(258,326	)	$	584,198		$	(875,876	)	$	142,266

Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share
Basic		23		151,684			113,215			151,417			113,215
Diluted		23		151,684			115,951			151,417			113,215
Earnings/(Loss) per share
Basic		23	$	(1.78	)	$	0.95		$	(5.63	)	$	(2.09	)
Diluted		23	$	(1.78	)	$	0.93		$	(5.63	)	$	(2.09	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BULLISH

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AS OF June 30, 2026 AND December 31, 2025

(In thousands)

	Notes		June 30, 2026			December 31, 2025

ASSETS
Non-current assets
Goodwill			$	62,648		$	63,062
Other intangible assets				29,978			31,104
Property and equipment and right-of-use assets				27,541			28,369
Deferred tax assets				2,823			2,865
Other assets		15		26,074			21,311
Restricted cash		16		5,817			5,727
Total non-current assets			$	154,881		$	152,438

Current assets
Digital assets held - inventories		12	$	139,131		$	206,178
Digital assets held - intangible assets		12		1,133,596			1,537,071
Digital assets held - financial assets		12		952,626			1,037,915
Loan and other receivables - digital assets		13		269,111			446,481
Derivative financial instruments		20		-			-
Investments in financial assets		14		226,237			404,144
Other assets		15		64,687			47,502
Customer segregated cash				52,724			20,044
Restricted cash		16		17,106			16,839
Cash and cash equivalents		17		86,614			87,892
Total current assets			$	2,941,832		$	3,804,066

Total assets			$	3,096,713		$	3,956,504

LIABILITIES
Non-current liabilities
Borrowings from related parties		24	$	495,650		$	505,600
Convertible redeemable preference shares				-			-
Digital assets loan payable		19		2,916			5,267
Lease liabilities				13,064			14,378
Deferred tax liabilities				1			18
Other payables		18		-			3,000
Total non-current liabilities			$	511,631		$	528,263

Current liabilities
Customer segregated cash liabilities			$	52,724		$	20,044
Borrowings				11			49,982
Digital assets loan payable		19		66			334
Lease liabilities				6,446			5,524
Other payables		18		61,697			54,028
Derivative financial instruments		20		4,108			-
Total current liabilities			$	125,052		$	129,912

Total liabilities			$	636,683		$	658,175

Net assets			$	2,460,030		$	3,298,329

EQUITY
Share capital and share premium			$	5,124,909		$	5,110,063
Option premium on convertible redeemable preference shares				-			-
Reserves				414,108			774,224
Accumulated deficit				(3,123,985	)		(2,668,100	)
Total shareholders' equity attributable to the owners of the Group			$	2,415,032		$	3,216,187

Non-controlling interests				44,998			82,142

Total equity			$	2,460,030		$	3,298,329

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BULLISH

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

FOR THE THREE months ended June 30, 2026 and 2025

(In thousands)

							Reserves
					Option
					premium on					Revaluation									Total equity
					convertible		Share-			reserves for									attributable
					redeemable		based			digital assets									to the			Non-
	Share		Share		preference		payment			held as			Other			Accumulated			owners of			controlling			Total
	capital		premium		shares		reserves			investments			reserves			deficit			the Group			interests			equity
As of April 1, 2025	$	226	$	3,821,311	$	18,399	$	74,988		$	581,600		$	63,672		$	(2,601,700	)	$	1,958,496		$	5,364		$	1,963,860
Net income/(loss)		-		-		-		-			-			-			107,513			107,513			755			108,268
Other comprehensive income/(loss) for the period		-		-		-		6			471,718			(2,815	)		-			468,909			7,021			475,930
Total comprehensive income for the year/period		—		—		—		6			471,718			(2,815	)		107,513			576,422			7,776			584,198
Equity settled share-based payments		-		-		-		3,256			-			-			-			3,256			-			3,256
Transfer of revaluation gain of digital assets held as investments upon disposal		-		-		-		-			(118,562	)		-			118,562			—			-			—
As of June 30, 2025	$	226	$	3,821,311	$	18,399	$	78,250		$	934,756		$	60,857		$	(2,375,625	)	$	2,538,174		$	13,140		$	2,551,314

As of April 1, 2026	$	302	$	5,118,952	$	—	$	83,576		$	239,481		$	67,157		$	(2,860,139	)	$	2,649,329		$	53,878		$	2,703,207
Net income		-		-		-		-			-			-			(270,193	)		(270,193	)		(9,781	)		(279,974	)
Other comprehensive income/(loss) for the period		-		-		-		-			27,675			(8,256	)		-			19,419			2,229			21,648
Total comprehensive income/(loss)		—		—		—		—			27,675			(8,256	)		(270,193	)		(250,774	)		(7,552	)		(258,326	)
Issuance of shares, including exercise of stock options		1		5,654		-		(3,128	)		-			-			-			2,527			-			2,527
Change in non-controlling interest in BMC1		-		-		-		-			607			85			636			1,328			(1,328	)		0
Trading Rewards Program Warrants Issued		-		-		-		7,591			-			-			-			7,591			-			7,591
Equity settled share-based payments		-		-		-		5,031			-			-			-			5,031			-			5,031
Transfer of revaluation gain of digital assets held as investments upon disposal		-		-		-		-			(5,711	)		-			5,711			0			-			0
As of June 30, 2026	$	303	$	5,124,606	$	—	$	93,070		$	262,052		$	58,986		$	(3,123,985	)	$	2,415,032		$	44,998		$	2,460,030

FOR THE six months ended June 30, 2026 and 2025

							Reserves
					Option
					premium on					Revaluation								Total equity
					convertible		Share-			reserves for								attributable
					redeemable		based			digital assets								to the			Non-
	Share		Share		preference		payment			held as			Other		Accumulated			owners of			controlling			Total
	capital		premium		shares		reserves			investments			reserves		deficit			the Group			interests			equity
As of January 1, 2025	$	226	$	3,821,311	$	18,399	$	69,852		$	731,838		$	57,107	$	(2,309,053	)	$	2,389,680		$	10,979		$	2,400,659
Net income/(loss)		-		-		-		-			-			-		(236,481	)		(236,481	)		(3,873	)		(240,354	)
Other comprehensive income/(loss) for the period		-		-		-		9			372,827			3,750		-			376,586			6,034			382,620
Total comprehensive income for the year/period		—		—		—		9			372,827			3,750		(236,481	)		140,105			2,161			142,266
Equity settled share-based payments		-		-		-		8,389			-			-		-			8,389			-			8,389
Transfer of revaluation gain of digital assets held as investments upon disposal		-		-		-		-			(169,909	)		-		169,909			—			-			—
As of June 30, 2025	$	226	$	3,821,311	$	18,399	$	78,250		$	934,756		$	60,857	$	(2,375,625	)	$	2,538,174		$	13,140		$	2,551,314

As of January 1, 2026	$	301	$	5,109,762	$	—	$	70,339		$	650,288		$	53,597	$	(2,668,100	)	$	3,216,187		$	82,142		$	3,298,329
Net income		-		-		-		-			-			-		(851,906	)		(851,906	)		(32,930	)		(884,836	)
Other comprehensive income/(loss) for the period		-		-		-		-			2,054			5,175		-			7,229			1,731			8,960
Total comprehensive income/(loss)		—		—		—		—			2,054			5,175		(851,906	)		(844,677	)		(31,199	)		(875,876	)
Issuance of shares, including exercise of stock options		2		14,844		-		(10,970	)		-			-		-			3,876			—			3,876
Change in non-controlling interest in BMC1		-		-		-		-			16,950			214		(11,219	)		5,945			(5,945	)		0
Trading Rewards Program Warrants Issued		-		-		-		23,067			-			-		-			23,067			-			23,067
Equity settled share-based payments		-		-		-		10,634			-			-		-			10,634			-			10,634
Transfer of revaluation gain of digital assets held as investments upon disposal		-		-		-		-			(407,240	)		-		407,240			—			-			—
As of June 30, 2026	$	303	$	5,124,606	$	—	$	93,070		$	262,052		$	58,986	$	(3,123,985	)	$	2,415,032		$	44,998		$	2,460,030

Table of Contents

BULLISH

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE six months ended June 30, 2026 and 2025

(In thousands)

			Six months ended
			June 30,
	Notes		2026			2025
Cash flows from operating activities
Net loss			$	(884,836	)	$	(240,354	)
Adjustments for:
Interest income		6		(10,504	)		(6,026	)
Debt interest expense		10		27,970			23,000
Lease interest expense		10		577			531
Net foreign exchange loss				—			(44	)
Share-based payments expenses				10,634			8,389
Depreciation of property and equipment and right-of-use assets		9		3,150			3,130
Amortization of other intangible assets		9		1,115			1,173
Impairment of right-of-use asset		9		591			—
(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net				298,029			17,364
Change in fair value of financial liability at FVTPL				(4,182	)		16,150
Impairment losses of digital assets				540,042			148,819
Operating cash flows before changes in operating assets and liabilities				(17,414	)		(27,868	)

Decrease/(increase) in other assets				(37,876	)		3,019
Decrease/(increase) in deferred tax assets				41			(431	)
Decrease/(increase) in digital assets held - inventories				(6,671	)		273,380
Decrease/(increase) in digital assets held - financial assets				202,933			(825,304	)
Decrease/(increase) in digital assets held - loan receivable				(92,724	)		593,256
Increase/(decrease) in other payables				21,010			(5,273	)
Increase/(decrease) in customer segregated cash liabilities				32,680			(2,244	)
Increase/(decrease) in deferred tax liabilities				(16	)		6
Interest received				5,846			4,885

Net cash provided by/(used in) operating activities			$	107,809		$	13,426

Cash flows from investing activities
Purchase of investment in financial assets				(6,449	)		(1,275	)
Proceeds on investment in financial assets				4,163			—
Purchase of property and equipment				(1,047	)		(250	)
Proceeds on disposal of property and equipment				29			—
Purchase of digital assets held - intangible assets				(907	)		(41,664	)
Proceeds on disposal of digital assets held - intangible assets				5,240			30,448

Net cash provided by/(used in) investing activities			$	1,029		$	(12,741	)

Cash flows from financing activities
Proceeds from issuance of ordinary shares				3,876			—
Interest paid				(27,970	)		(20,639	)
Proceeds from loans				—			174,300
Repayment of loans				(50,000	)		(149,300	)
Repayment on lease liabilities				(2,855	)		(2,863	)

Net cash provided by/(used in) financing activities			$	(76,949	)	$	1,498

Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash				31,889			2,183
Cash and cash equivalents, customer segregated cash and restricted cash at beginning of the period				130,502		$	55,783
Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash				(130	)	$	(107	)
Cash and cash equivalents, customer segregated cash and restricted cash at end of the period			$	162,261		$	57,859

Cash and cash equivalents, customer segregated cash and restricted cash consisted of the following:
Customer segregated cash				52,724			4,138
Restricted cash		16		22,923			18,161
Cash and cash equivalents		17		86,614			35,560
Total cash and cash equivalents, customer segregated cash and restricted cash			$	162,261		$	57,859

Supplemental schedule of non-cash investing and financing activities
Recognition of right-of-use assets against lease liabilities				—			3,467
Purchase of digital assets held - intangible assets				(8,074,124	)		(35,764,843	)
Proceeds on disposal of digital assets held - intangible assets				8,123,895			35,478,545
Digital asset loan receivables made, net				86,910			28,137
Digital asset pledged as collateral made, net				98,452			79,974
Interest Received in Digital Assets				1,601			—
Purchase of investment in financial assets via USDC				—			(10,116	)
Prepayment on intangible assets (made)/returned, net				(17,364	)		2,036
Non-cash purchase of investment				(6,770	)		—
Non-cash proceeds of sales of investments				159,315			—
Interest paid in digital assets				(9,606	)		(2,892	)
Proceeds from borrowings via digital assets				2,364,403			2,326,320
Repayment from borrowings via digital assets				(2,355,744	)		(2,303,147	)
Proceeds from digital assets loan payable via digital assets				256,050			216,743
Repayments from digital assets loan payable via digital assets				(256,002	)		(215,362	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1 General information

Bullish (the “Company”) is an exempted company incorporated and domiciled in the Cayman Islands. The Company and its subsidiaries are collectively referred to as the “Group.” Our Common Stock, par value $0.002 per share (“common stock”), has been listed on the New York Stock Exchange under the ticker symbol “BLSH” since August 2025.

These unaudited condensed consolidated interim financial statements (the “interim financial statements”) are as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025. Comparative balance sheet information is as of December 31, 2025.

The principal activity of the Group is providing infrastructure and information services. This includes the operations of its subsidiary, Bullish (GI) Limited, which operates a digital asset trading platform (the “Exchange”) and CoinDesk Inc. (“CoinDesk”) which provides digital asset media and information services.

The interim financial statements are presented in U.S. dollars, which is the functional currency of the Group.

The Group operates as a single operating and reportable segment. The Chief Executive Officer (“CEO”) serves as the Chief Operating Decision Maker (“CODM”) and reviews financial information on a consolidated basis for purposes of resource allocation and performance assessment.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2 Summary of principal accounting policies

2.1

Compliance with IFRS

The interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). Certain information or footnote disclosures, normally included in annual financial statements prepared in accordance with IFRS, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.

These interim financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary to fairly present our financial position, operating results and cash flows for the periods presented. All material intercompany transactions and balances have been eliminated in consolidation.

Interim results are not necessarily indicative of results expected for any other interim period or a full fiscal year.

These interim financial statements should be read in conjunction with the Group’s audited consolidated financial statements and the notes included in our annual report on Form 20-F for the year ended December 31, 2025.

2.2

Basis of preparation and accounting policies

The accounting policies have been consistently applied to the current and prior periods presented, as are the methods of computation unless otherwise stated.

2.3

New standards and amendments not yet effective

The Group has evaluated the new standards and amendments disclosed in the annual financial statements that are effective for the current period and determined that they are not applicable to these interim financial statements. The Group is in the process of reviewing the effects of applying the new standards and amendments disclosed in the annual financial statements that are not yet effective.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3 Critical accounting judgments and key sources of estimation uncertainty

In preparing these interim financial statements, management has made judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities, income, and expenses. Actual results may differ from these estimates.

The significant judgments and key sources of estimation uncertainty applied are consistent with those described in the Group’s audited consolidated financial statements for the year ended December 31, 2025.

4 Digital assets sales

The following tables summarize the disaggregation of Digital assets sales by venue for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
On the Exchange	$	32,585,087	$	58,600,575	$	84,397,834	$	138,532,869
On other venues(i)		-		30,070		-		333,933
Total Digital asset sales	$	32,585,087	$	58,630,645	$	84,397,834	$	138,866,802

⁽ⁱ⁾	Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4 Digital assets sales—(continued)

Below is the table of Digital assets sales on the Exchange disaggregated by major geography, based on domicile of the customers, accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):

	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
United Kingdom	$	11,500,671	$	13,702,655	$	27,706,748	$	39,388,615
United Arab Emirates		6,629,282		5,810,781		17,785,030		11,917,325
Cayman Islands		9,089,307		2,199,920		19,821,138		4,328,049
Singapore		*		1,433,338		*		13,452,532
British Virgin Islands		*		25,641,115		*		43,950,980
Cyprus		*		2,251,957		*		10,364,746
Netherlands		*		*		*		394,788
Rest of the World		5,365,827		7,560,809		19,084,918		14,735,834
Total Digital asset sales on the Exchange	$	32,585,087	$	58,600,575	$	84,397,834	$	138,532,869

* Digital asset sales attributable to the geography during the period did not exceed the 10% threshold.

Below are the tables of Digital assets sales on the Exchange disaggregated by major customers accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Customer A

768,304

12,039,110

Customer B

8,240,519

10,027,341

21,266,728

33,104,795

Customer C

1,748,389

9,827,919

Customer D

6,436,766

17,106,866

Customer E

16,919,662

19,559,205

Customer F

4,103,451

Customer G

3,260,142

* Digital asset sales attributable to the customer during the period did not exceed the 10% threshold.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5 Cost of digital assets derecognized

The following table presents the Cost of digital assets derecognized by venue for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
On the Exchange	$	32,569,561	$	58,585,058	$	84,362,303	$	138,490,874
On other venues(i)		-		30,215		-		334,040
Total Cost of digital assets derecognized	$	32,569,561	$	58,615,273	$	84,362,303	$	138,824,914

⁽ⁱ⁾	Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.

6 Other revenues

The following table presents Other revenues by category for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Transaction fee income(i)	$	2,263	$	384	$	4,974	$	947
Subscription and services revenue(ii)		62,688		31,908		117,459		51,649
Total Other revenues(iii)	$	64,951	$	32,292	$	122,433	$	52,596

⁽ⁱ⁾	For the three months ended June 30, 2026 and 2025, the Exchange recorded transaction fee income from peer-to-peer spot trades of $0.3 million and $0.3 million, respectively, and $0.7 million and $0.8 million for the six months ended June 30, 2026 and 2025, respectively.

⁽ⁱⁱ⁾

This includes interest income of $4.7 million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively, and $10.3 million and $6.0 million for the six months ended June 30, 2026 and 2025, respectively. This amount also includes other income from non-customers of $13.0 million and $10.3 million for the three months ended June 30, 2026 and 2025, respectively, and $28.9 million and $10.5 million for the six months ended June 30, 2026 and 2025, respectively.

⁽ⁱⁱⁱ⁾

This includes the total of interest income and other income from non-customers, which amounted to $17.7 million and $13.7 million for the three months ended June 30, 2026 and 2025, respectively, and $39.2 million and $16.5 million for the six months ended June 30, 2026 and 2025, respectively.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

7 Change in fair value of digital assets held, net

The following table presents the components of the Change in fair value of digital assets held, net for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange	$	12,207		$	10,175		$	27,472		$	28,863
Change in fair value of digital asset inventories and financial assets, net of change in fair value of the payable to customers		(65,253	)		22,837			(216,177	)		(92,430	)
Change in fair value of loan and other receivables - digital assets		(12,143	)		54,958			(85,379	)		33,558
Change in fair value of digital asset loan payable		2,088			(12,830	)		2,369			475
Impairment losses of digital asset held - intangible assets		(181,513	)		(6,731	)		(532,483	)		(148,819	)
Total Change in fair value of digital assets held, net	$	(244,614	)	$	68,409		$	(804,198	)	$	(178,353	)

8 Administrative expenses

The following table presents the components of Administrative expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Compensation and benefits	$	39,212	$	30,059	$	77,465	$	65,661
Legal and professional fees		17,056		12,958		27,083		24,542
Total Administrative expenses	$	56,268	$	43,017	$	104,548	$	90,203

9 Other expenses

The following table presents the components of Other expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Information technology and software expenses	$	6,345	$	5,422	$	12,058	$	9,969
Production expenses		6,115		4,809		9,842		7,814
Depreciation of property and equipment and right-of-use assets		1,480		1,632		3,150		3,130
Advertisement and promotion expenses		2,748		2,563		4,804		4,437
Amortization of intangible assets		558		557		1,115		1,173
Custody fees		446		368		860		944
Other share-based payment expenses		7,591		-		23,029		-
Impairment of right-of-use assets		-		-		591		-
Digital asset impairment		-		-		8,239		-
Other		7,230		2,011		14,355		4,958
Total Other expenses	$	32,513	$	17,362	$	78,043	$	32,425

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

10 Finance expense

The following table presents the components of Finance expense for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Loan interest expense	$	14,193	$	13,013	$	27,970	$	23,000
Lease interest expense		266		278		577		531
Total Finance expense	$	14,459	$	13,291	$	28,547	$	23,531

Loan interest expense for the three and six months ended June 30, 2026 and 2025 includes expenses related to borrowing arrangements detailed in the annual financial statements.

11 Income tax (benefit) expense

The following table presents the components of Income tax (benefit) expense for the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026		2025
Current income tax expense	$	(150	)	$	1,043		$	205	$	1,089
Deferred income tax benefit		154			(167	)		25		(434	)
Total Income tax (benefit) expense	$	4		$	876		$	230	$	655

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12 Digital assets held

The table below presents the breakdown of Digital assets held - financial assets by venue (in thousands):

	June 30,		December 31,
	2026		2025
Digital financial assets held on the Exchange wallets	$	59,976	$	84,993
Digital financial assets held on the non-Exchange wallets		892,650		952,922
Total Digital assets held - financial assets	$	952,626	$	1,037,915

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12 Digital assets held—(continued)

The table below presents the implied units and carrying amount of digital assets, denominated in units and US dollars, for Digital assets held - inventories, Digital assets - intangible assets, and Digital assets - financial assets (in thousands):

	June 30,				December 31,
	2026				2025
	Units		Fair Value		Units		Fair Value
BTC(i)		19.99	$	1,171,444		18.03	$	1,598,225
ETH(i)		9.54		14,948		12.52		37,410
Stablecoins(ii)				742,506				1,056,666
Others(iii)				296,455				88,863
Total Digital assets held - inventories, intangible assets, and financial assets			$	2,225,353			$	2,781,164

⁽ⁱ⁾

BTC and ETH balances presented include tokens that are wrapped such as cbBTC (12,287.2 units valued at $720.1 million as of June 30, 2026 and 8,177.4 units valued at $725.8 million as of December 31, 2025), wBTC (187.3 units valued at $11.0 million as of June 30, 2026, 226.8 units valued at $20.1 million as of December 31, 2025) and weETH (176.5 units valued at $0.3 million as of June 30, 2026, 160.6 units valued at $0.5 million as of December 31, 2025).

⁽ⁱⁱ⁾

Stablecoins are a digital asset intended to maintain a stable value by tracking a reference asset, such as USD, typically on a one-to-one basis. As of June 30, 2026, individual assets that comprise greater than 5% of the balance include USDC ($458.0 million), USDG ($150.8 million), and SOFID ($50.0 million). As of December 31, 2025, individual assets that comprise greater than 5% of the balance include USDC ($464.9 million), USDG ($204.3 million), and PYUSD ($161.1 million). No other stablecoins represent greater than 5% of the total balance.

⁽ⁱⁱⁱ⁾

Any digital asset that individually represents less than 5% of the digital asset balance presented is grouped together as Others.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

13 Loan and other receivables - digital assets

The following table presents Loan and other receivables - digital assets by type of underlying digital asset provided, denominated in units and US dollars, as of June 30, 2026 and December 31, 2025 (in thousands). Amounts totaling less than 5% of the outstanding balance are aggregated in the Others line:

	June 30,				December 31,
	2026				2025
	Units		Fair Value		Units		Fair Value
BTC		1.57	$	91,818		1.90	$	168,630
ETH		1.70		2,657		1.96		5,843
USDC				142,669				132,775
USD				16,821				-
Others				11,227				9,128
Total Digital assets - credit line facility and other lending arrangements			$	265,192			$	316,376

BTC		0.03	$	1,464		0.01	$	792
ETH		0.40		614		0.57		1,699
USDC				926				12,008
XRP				499				-
SOL				416				-
Others				-				281
Total Digital assets - margin lending services			$	3,919			$	14,780

BTC		—	$	—		1.30	$	115,325
Total Digital assets - pledged as collateral			$	—			$	115,325

BTC		1.59	$	93,282		3.21	$	284,747
ETH		2.09		3,271		2.53		7,542
USDC				143,595				144,783
USD				16,821				-
XRP				499				-
SOL				416				-
Others				11,227				9,409
Total Loan and other receivables - digital assets			$	269,111			$	446,481

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

14 Investments in financial assets

The table below presents the fair value of Investments in financial assets by investment type (in thousands):

	June 30,		December 31,
	2026		2025
BTC funds	$	124,808	$	186,067
Grayscale CoinDesk Crypto 5 ETF		59,517		93,184
CoinDesk 20		-		87,802
Other digital assets funds		12,376		12,408
Other investments in financial assets		29,536		24,683
Total Investments in financial assets	$	226,237	$	404,144

For the six months ended June 30, 2026, the Group held digital assets exchange-traded funds and private funds valued at $196.7 million (December 31, 2025: $379.4 million) as well as equity investments valued at $29.5 million (December 31, 2025: $24.7 million).

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

15 Other assets

The table below presents the components of non-current and current Other assets (in thousands):

	June 30,		December 31,
	2026		2025
Non-current assets
Deposits	$	1,297	$	1,180
Other receivables		414		323
Finance lease receivables		302		739
Prepayments		17,448		16,252
Deferred trading rewards program costs		6,613		2,817
Total Other assets (non-current)	$	26,074	$	21,311

Current assets
Accounts receivable	$	22,310	$	24,625
Finance lease receivables		348		110
Prepayments		14,097		18,943
Other receivables		23,764		3,824
Deferred trading rewards program costs		4,168		-
Total Other assets (current)	$	64,687	$	47,502

As of June 30, 2026 and December 31, 2025 the carrying values of current Other assets approximated their fair values.

16 Restricted cash

As of June 30, 2026, current Restricted cash primarily related to deposits for insurance policies of $17.1 million (December 31, 2025: $16.8 million) and non-current Restricted cash primarily related to guarantees for lease agreements of $5.8 million (December 31, 2025: $5.7 million).

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

17 Cash and cash equivalents

The table below presents the components of Cash and cash equivalents (in thousands):

	June 30,		December 31,
	2026		2025
Cash at banks	$	78,611	$	80,159
Cash on the Exchange at banks		7,994		7,626
Cash held in brokers		9		107
Total Cash and cash equivalents	$	86,614	$	87,892

As of June 30, 2026 and December 31, 2025, the carrying values of Cash and cash equivalents approximated their fair values.

18 Other payables

The table below presents the components of Other payables (in thousands):

	June 30,		December 31,
	2026		2025
Non-current payables
Trading rewards program liability	$	—	$	3,000
Total Other payables (non-current)	$	—	$	3,000

Current payables
Accrued compensation and benefits	$	11,609	$	20,363
Accrued expenses		19,716		10,569
Deferred income		12,346		10,557
Loan interest payable to the related party⁽ⁱ⁾		9,272		8,764
Amounts due to related parties⁽ⁱ⁾		651		807
Other payables		8,103		2,968
Total Other payables (current)	$	61,697	$	54,028

⁽ⁱ⁾	For additional details regarding transactions with related parties see Note 24.

As of June 30, 2026 and December 31, 2025, the carrying values of Other payables approximated their fair values.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

19 Digital assets loan payable

The table below presents the components of Digital assets loan payable (in thousands):

		June 30,		December 31,
	2026		2025
Unsecured borrowing at FVTPL	$	2,916	$	5,267

Secured borrowing at FVTPL	$	66	$	334

Digital assets loan payable (non-current)	$	2,916	$	5,267
Digital assets loan payable (current)	$	66	$	334

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

20 Derivative financial instruments

The table below presents details regarding Derivative financial instruments (in thousands):

	June 30,		December 31,
	2026		2025
Derivative financial instruments (assets)
Digital currency perpetual contracts - carrying amount	$	—	$	—
Derivative financial instruments (liabilities)
Digital currency perpetual contracts - carrying amount		4,108		-
Total notional amount
Digital currency perpetual contracts	$	279,976	$	140,522

The notional amount of Derivative financial instruments primarily represents the over-the-counter perpetual futures contracts that the Group holds off Exchange. Derivative financial instruments are held as trading derivatives that are not designated in a hedge accounting relationship.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

21 Fair value of financial instruments

The Group's accounting policies and valuation methodologies for fair value measurements are consistent with those described in the annual financial statements. There have been no changes to the Group's fair value measurement methodologies during the six months ended June 30, 2026.

Assets and Liabilities Measured at Fair Value

The following table presents the Group's assets and liabilities measured at fair value as of June 30, 2026 and December 31, 2025 (in thousands):

	Level 1		Level 2		Level 3		Total
As of June 30, 2026
Assets
Investments in financial assets	$	178,239	$	11,120	$	36,878	$	226,237
Digital assets held — inventories		139,131		-		-		139,131
Digital assets held — intangible assets		1,123,682		9,914		-		1,133,596
Digital assets held — financial assets		936,501		16,125		-		952,626
Loan and other receivables — digital assets		-		269,111		-		269,111
Derivative financial instruments - current assets		-		-		-		-
Total assets	$	2,377,553	$	306,270	$	36,878	$	2,720,701

Liabilities
Borrowings from related parties	$	-	$	-	$	495,650	$	495,650
Digital assets loan payable		-		66		2,916		2,982
Derivative financial instruments - current liabilities		-		4,108		-		4,108
Total liabilities	$	-	$	4,174	$	498,566	$	502,740

	Level 1		Level 2		Level 3		Total
As of December 31, 2025
Assets
Investments in financial assets	$	358,184	$	17,275	$	28,685	$	404,144
Digital assets held — inventories		206,178		-		-		206,178
Digital assets held — intangible assets		1,537,071		-		-		1,537,071
Digital assets held — financial assets		1,037,915		-		-		1,037,915
Loan and other receivables — digital assets		-		446,481		-		446,481
Derivative financial instruments - current assets		-		-		-		-
Total assets	$	3,139,348	$	463,756	$	28,685	$	3,631,789

Liabilities
Borrowings from related parties	$	-	$	-	$	505,600	$	505,600
Digital assets loan payable		-		-		5,601		5,601
Derivative financial instruments - current liabilities		-		-		-		-
Total liabilities	$	-	$	-	$	511,201	$	511,201

Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period in which they occur, and reflect changes in the availability of observable market data or, for Level 3 instruments, changes in the financial information and other factors considered by management.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

21 Fair Value of Financial Instruments—(continued)

Level 3 Financial Instruments

The Group holds certain financial instruments classified as Level 3 under IFRS 13 Fair Value Measurement, for which fair value is estimated by management based on available financial information and other relevant factors, consistent with the methodology described in the Group's annual financial statements on Form 20-F. Activity for Level 3 instruments, including purchases, sales, issuances, settlements, transfers, and realized and unrealized gains and losses, was not material for the six months ended June 30, 2026 and 2025.

Unrealized gains (losses) included in earnings for the six months ended June 30, 2026 and 2025, attributable to Level 3 instruments still held at period end, were not material.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

22 Share-based payments

On July 31, 2025, the Company’s Board of Directors approved a reverse stock split of the Company’s Class A common shares, Class B preference shares, and Class C common shares on a 1-for-2 basis (the “Reverse Split”) which became effective on August 1, 2025. All share and per-share amounts presented in this note, including comparative periods, have been retrospectively adjusted to reflect the reverse stock split. Refer to the annual financial statements for further details on the Reverse Split.

For a description of the Group's share-based payment arrangements, refer to Note 29 of the Group's annual consolidated financial statements for the year ended December 31, 2025. The tables below present share-based award activity for the three and six months ended June 30, 2026 and the comparative period presented.

The table below presents details of the Trading Rewards Program ("TRP") warrants activity during the three and six months ended June 30, 2026 and 2025:

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Outstanding at beginning of period		955,704		-		369,853		-
Granted during the period		585,852		-		1,171,703		-
Outstanding at end of period		1,541,556		-		1,541,556		-

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

22 Share-based payments—(continued)

Options

The tables below present details of the options activity during the three and six months ended June 30, 2026 and 2025:

	Three months ended June 30,										Six months ended June 30,
	2026					2025					2026					2025
				Weighted					Weighted					Weighted					Weighted
				average					average					average					average
	Options			exercise price		Options			exercise price		Options			exercise price		Options			exercise price
Outstanding at beginning of period		6,633,785		$	19.75		5,917,842		$	23.58		5,845,207		$	18.10		4,943,913		$	25.76
Granted during the period		17,027		$	29.97		114,792		$	23.98		1,140,954		$	27.49		1,176,419		$	23.62
Forfeited during the period		(127,627	)	$	23.31		(236,299	)	$	17.24		(219,307	)	$	22.16		(323,997	)	$	18.96
Exercised during the period		(185,944	)	$	15.31		—		$	—		(429,613	)	$	14.95		—		$	—
Outstanding at the end of period		6,337,241		$	19.84		5,796,335		$	17.74		6,337,241		$	19.84		5,796,335		$	17.74
Exercisable at the end of period		3,023,707		$	18.24		—					3,023,707		$	18.24		—

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

RSUs

The tables below present details of the RSU activity during the three and six months ended June 30, 2026 and 2025:

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026			2025
Outstanding at beginning of the period		33,111		200,007		193,148			200,007
Granted during the period		-		-		-			-
Forfeited during the period		-		-		-			-
Released during the period		-		-		(160,037	)		-
Outstanding at end of the period		33,111		200,007		33,111			200,007

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

23 Earnings/(loss) per share

For the three months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of basic earnings per share was 151,684,192 and 113,214,765, respectively. For the three months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of diluted earnings per share was 151,684,192 and 115,950,703.

For the six months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of basic earnings per share was 151,416,722 and 113,214,765, respectively. For the six months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of diluted earnings per share was 151,416,722 and 113,214,765.

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

24 Related party transactions

The table below presents related party transactions entered into during the period (in thousands):

	For the three months ended June 30,					For the six months ended June 30,
	2026		2025			2026		2025
Other expenses
Services fees charged to a related party	$	—	$	(241	)	$	—	$	(481	)

Finance expense
Loan interest expenses charged by related parties	$	9,272	$	8,669		$	17,846	$	17,243

The table below presents outstanding balances arising from the above transactions as of June 30, 2026 and December 31, 2025 (in thousands):

	June 30,		December 31,
	2026		2025
Other payables
Amounts due to related parties	$	651	$	807
Loan interest expense payable to related parties		9,272		8,764

Borrowings from the Related Party
Amounts due to related parties		495,650		505,600

Table of Contents

BULLISH

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

25 Subsequent events

The Group has evaluated subsequent events through August 13, 2026, the date the condensed consolidated financial statements were available for issuance. There were no subsequent events that required recognition or disclosure in the financial statements.