EBITDA Triples as Gibraltar Approval Lifts Bullish Shares 13%

Woofun AI reports that shares of the institutional-focused crypto exchange and CoinDesk owner jumped around 13% in early trading Thursday, driven by robust profitability metrics and regulatory expansion. This market reaction followed the disclosure of a 62% year-over-year increase in second-quarter adjusted revenue, alongside a more than tripling of adjusted EBITDA.

Financial results for Q2 revealed adjusted revenue of $92.6 million, up from $57 million a year earlier, while adjusted EBITDA rose to $29.5 million from $8.1 million. Adjusted net income reached $14.3 million, reversing a $6 million loss in the year-ago quarter. Subscription, services and other revenue hit a record $62.7 million, helping offset weaker exchange activity. The company recorded $179.6 billion in quarterly trading volume, down from $197.4 billion a year earlier, while average daily volume fell to $2 billion from $2.2 billion.

Structurally, the firm received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities, expanding its push into regulated onchain markets. Per Woofun AI, this regulatory milestone supported the decision to lift full-year guidance, forecasting $225 million to $245 million in subscription, services and other revenue. The company cited its first-half performance and improved visibility as key drivers for this upward revision.

Thursday's rally extends a recent rebound for Bullish shares, which have gained around 20% over the past month.

However, the stock remains about 70% below its post-listing highs last year, indicating that investor sentiment is still recovering from previous valuations.