Cathie Wood Nails Bullish Bet! First-Ever Earnings Report Surprises with $100M+ Profit

TradingKey – Bullish turns profitable, posting over $100 million in net income and sending its stock soaring 9%.

On Wednesday (local time), crypto exchange Bullish (ticker: BLSH) released its first quarterly earnings report since going public — and the results were impressive. The company posted $108.3 million in net profit, a dramatic turnaround from the $116.4 million loss in the same period last year. As of press time, Bullish shares have rebounded nearly 6%, with after-hours trading adding another 3%+ gain.

Despite receiving less post-IPO attention than stablecoin issuer Circle (CRCL), Bullish has remained a favorite of Cathie Wood. Just yesterday, her firm Ark Invest added another 36,000 shares of BLSH, worth nearly $2 million.

Since Bullish’s IPO, Cathie Wood has steadily increased her stake, now holding over 2 million shares. With the Federal Reserve entering a rate-cutting cycle, crypto trading activity is expected to pick up — potentially giving Bullish a strong tailwind.