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The UK’s home for tokenised equity. Independent news, insight and resources for founders raising capital, investors deploying it, and the firms supporting both — as the regulation, infrastructure and opportunity converge.

Bullish Trading Tokenised Shares on Own Regulated Venue as Revenue Jumps 62 Per Cent to $92.6M

  • Writer: Shawn Jhanji
    Shawn Jhanji
  • 1 day ago
  • 2 min read
A profitable digital asset exchange putting its own shares onto a blockchain is a small operational milestone dressed up as a big signal, and this week Bullish gave UK founders watching the tokenised equity space a live example of what eating your own cooking looks like at listed company scale. Bullish, the digital asset exchange that listed on the New York Stock Exchange in 2026, reported second quarter adjusted revenue of 92.6 million dollars, up 62 per cent year on year, with subscription services revenue reaching a record 62.7 million dollars. Alongside the results, the company confirmed that its own tokenised shares have begun trading on a regulated venue for the first time, after Bullish received approval from the Gibraltar Financial Services Commission for tokenised securities, making it one of the first fully regulated venues to offer secondary trading in issuer sponsored tokenised securities. Management were candid that the shift will not move the needle financially in 2026. Chief executive Tom Farley said tokenised securities trading is unlikely to lift 2026 results materially and should become a genuine 2027 contributor, while the company narrowed its full year revenue guidance to a range of 225 to 245 million dollars with the midpoint unchanged. The more interesting signal for UK observers is sequencing. Bullish chose to tokenise and list its own equity on a regulated secondary venue before building out a broader tokenised securities offering for issuers, effectively using itself as the proof of concept. Farley pointed to the nearly 300 trillion dollar global securities market moving onto public blockchains as the long term opportunity, with the company's pending Equiniti acquisition intended to round out a full stack offering spanning issuance, listing, trading and tracking of tokenised securities. For UK platforms and advisers bui

A profitable digital asset exchange putting its own shares onto a blockchain is a small operational milestone dressed up as a big signal, and this week Bullish gave UK founders watching the tokenised equity space a live example of what eating your own cooking looks like at listed company scale.


Bullish, the digital asset exchange that listed on the New York Stock Exchange in 2026, reported second quarter adjusted revenue of 92.6 million dollars, up 62 per cent year on year, with subscription services revenue reaching a record 62.7 million dollars. Alongside the results, the company confirmed that its own tokenised shares have begun trading on a regulated venue for the first time, after Bullish received approval from the Gibraltar Financial Services Commission for tokenised securities, making it one of the first fully regulated venues to offer secondary trading in issuer sponsored tokenised securities.


Management were candid that the shift will not move the needle financially in 2026. Chief executive Tom Farley said tokenised securities trading is unlikely to lift 2026 results materially and should become a genuine 2027 contributor, while the company narrowed its full year revenue guidance to a range of 225 to 245 million dollars with the midpoint unchanged.


The more interesting signal for UK observers is sequencing. Bullish chose to tokenise and list its own equity on a regulated secondary venue before building out a broader tokenised securities offering for issuers, effectively using itself as the proof of concept. Farley pointed to the nearly 300 trillion dollar global securities market moving onto public blockchains as the long term opportunity, with the company's pending Equiniti acquisition intended to round out a full stack offering spanning issuance, listing, trading and tracking of tokenised securities.


For UK platforms and advisers building tokenised equity infrastructure for early stage companies, the lesson is less about the revenue number and more about the discipline. Regulators responded to a regulated, single issuer pilot faster than to a multi issuer platform pitch, a sequencing question UK SEIS and PISCES focused platforms are quietly working through with the FCA too.


Key Takeaways


  • Bullish reported 92.6 million dollars in adjusted Q2 revenue, up 62 per cent year on year, and confirmed its own shares are now trading tokenised on a Gibraltar regulated venue.

  • Management does not expect tokenised trading to be financially material until 2027, tempering the near term commercial case.

  • The company is using its own listing as a proof of concept ahead of a broader issuer facing tokenised securities offering, backed by its pending Equiniti acquisition.

  • The sequencing, regulator approval for a single issuer pilot before a multi issuer platform, mirrors questions UK tokenised equity platforms are working through with the FCA.


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