Aug 13, 2026 earnings call — Tokenized securities platform and Equiniti acquisition
Bullish began trading tokenized shares on its regulated venue; total adjusted revenue was $92.6 million.
Revenue $0.1B (est $0.1B) · EPS $0.10 (est $0.09) · Next-quarter revenue outlook $0.2B–$0.2B
Key quotes
"A year later, I'm pleased to share with you that beginning yesterday, Bullish's tokenized shares are trading on our own regulated venue for the first time."
"Regarding Equiniti, we're on track to close in January 2027."
"Subscription services and other revenue reached a record $62.7 million during the second quarter and adjusted transaction revenue came in at $29.9 million."
Analyst Q&A 9
Tokenized stocks: two models coexisting
Q (Brian Bedell · Deutsche Bank): He asked whether synthetic and issuer-sponsored tokenized stocks will both exist, and whether Bullish's model (issuer-sponsored actual shares) will win market share. He also asked if tokenization will boost trading volumes in H2 2026 and into 2027.
A: Management said both models will likely survive and serve different customers. They expect limited trading revenue lift in 2026 from tokenized equities, with more contribution in 2027 as issuers and trading venues scale. They emphasized readiness to trade tokenized securities and cautiousness on volume forecasts because crypto prices drive trading activity.
"We don't expect a major uplift to transaction revenues during 2026 from tokenized equities, but we certainly expect that during 2027, that will be a contributor to our business." — David Bonanno (CFO)
Getting U.S. access for derivatives earlier
Q (Joseph Vafi · Canaccord Genuity): He asked what enables Bullish to open U.S. options and derivatives markets possibly a year earlier, and for more color on an innovators carve-out or SEC rules favoring issuer tokens vs synthetics.
A: Management said a new pathway lets a regulated overseas platform access U.S. derivatives if it partners with an approved FCM, which could speed U.S. access after necessary approvals. On regulation, they said the CLARITY Act focused on crypto clarity but not tokenization, and the SEC's proposed innovation exemption may support issuer-sponsored tokens and accelerate issuer conversations.
"That new pathway, we believe, has become available." — Thomas Farley (CEO·CHAIR)
Institutional pipeline for spot and derivatives
Q (Daniel Fannon · Jefferies): He asked about the pipeline of institutional firms for spot and derivatives trading, and how spot and derivative adoption might evolve. He also asked about drivers behind the SS&O guidance change.
A: Management said the institutional pipeline is as large as ever with credible new logos, but trading volumes are weak now because crypto prices and volatility are down. They are more excited about tokenized securities as a growth area. On SS&O, they said resilience amid weak crypto and that Consensus is a strong acquisition and cross-sell channel boosting pipeline, especially around tokenization.
"Pipeline is as large as it's ever been, and it continues to include more and more institutional names as time passed." — Thomas Farley (CEO·CHAIR)
How Bullish captures fees from tokenized shares
Q (Peter Christiansen · Citi): He asked whether issuer tokens will trade mainly on Bullish or be interoperable across venues, and how Bullish expects to capture most economics. He also asked about carve-outs from the Equiniti deal and client retention.
A: Management said tokens will be interoperable and they are engaging trading venues and CSDs; multiple blockchains may be used initially. They listed many services they can charge for (token design, tokenization, listing, liquidity, transfer agent, newswire, investor tools) and said focus is on issuer success, expecting transaction revenue to follow. They said carve-outs like pension and resolution businesses are largely unrelated and not a retention concern.
"We offer the following services for tokenization." — Thomas Farley (CEO·CHAIR)
UK dematerialization and Equiniti impact
Q (Kenneth Worthington · JPMorgan): He asked whether liquidity services revenue changed in 2Q versus 1Q and about U.K. dematerialization's impact on Equiniti revenue and timing.
A: Management said liquidity services were resilient in 2Q, broadly in line with Q1 excluding Consensus effects, with some headwinds from lower prices. On dematerialization, they said tokenization likely precedes some demat steps, Equiniti benefits from having a broker-dealer, the removal of paper shares is scheduled for the end of next year, and less than 2% of Equiniti revenue is from paper certificates.
"The removal of paper shares is currently scheduled for the end of next year." — David Bonanno (CFO)
Issuer pipeline and October showcase
Q (Owen Lau · Clear Street): He asked for an update on issuer pipeline and profiles ahead of an October tokenization showcase, what issuers want, and what to expect from the event. He also asked whether Q2 OpEx implies a second-half run rate and any Equiniti-related spend.
A: Management said Equiniti brings deep issuer relationships and the pipeline is filling but still early; more activity expected in H2 2026 and real growth in 2027 as the ecosystem develops. Issuers want direct customer relationships, rewards, faster dividends, voting options, and 24/7 trading. On OpEx, they said Q2 had higher one-time and Consensus costs, the $2.5 million extra comp won't recur, they expect synergies and tight cost control, and the back half baseline is roughly good but not necessarily a 2027 run rate.
"As I mentioned in my prepared remarks, the second quarter featured higher expenses than we expect from any other quarter this year." — David Bonanno (CFO)
Solving distribution for issuer tokens
Q (Edward Engel · Compass Point): He asked how Bullish will jump-start distribution for issuer-sponsored tokens versus synthetic issuers that already have distribution and market makers.
A: Management said Equiniti gives them 3,000 issuers to approach with an out-of-the-box product, and issuer control means rollouts will be staggered. They argued issuer-sponsored tokens are more durable and won't disappear suddenly like some synthetic products.
"That's why we did the Equiniti acquisition is we have 3,000 issuers that we can go to with a product out of the box." — Thomas Farley (CEO·CHAIR)
CoinDesk media outlook (ex-events)
Q (Guru Sidaarth · Oppenheimer & Company): He asked about the CoinDesk media business excluding events: its outlook, whether growth is mainly for visibility and cross-sell, and if it can be a meaningful standalone piece.
A: Management said CoinDesk viewership has improved strongly under new leadership and they are not yet monetizing all the extra traffic with ads to keep the site premium. They view the media primarily as supporting issuers and partners and expect it to benefit the tokenization strategy and broader business.
"We are currently not monetizing per se all those extra eyeballs through banner ads or things of that nature, we want to keep the website premium." — David Bonanno (CFO)
Size and distribution of tokenized equities by 2030
Q (Nathan Frankovitz · Cantor Fitzgerald): He asked what factors would push tokenized equities above or below a $5 trillion-by-2030 estimate, and how that value might split across blockchains or permissioned systems.
A: Management said their view is partly anecdotal, noting conversations with large CEOs about tokenizing shares, and that a catalytic event (like a big tokenized IPO) could rapidly increase totals above $5 trillion. On blockchains, they said winners will be those meeting customer needs around decentralization and privacy, and multiple blockchains could succeed.
"I had a conversation on Tuesday with the CEO of a $70 billion company about them tokenizing their stock." — Thomas Farley (CEO·CHAIR)