Bullish (NYSE: BLSH) will release its financial results for the second quarter 2026 on Thursday, August 13, 2026, providing investors with an update on the institutionally focused global digital asset platform’s performance. The company will host an earnings conference call at 8:30 a.m. Eastern Time on the same day, offering management commentary on the quarter’s operations. A live webcast of the call will be available on the Bullish Investor Relations website, with a replay accessible afterward.

The announcement includes specific details regarding the company’s fully diluted outstanding shares, calculated using different pricing benchmarks. Based on a Q2 average price of $34.77, Bullish calculated its fully diluted outstanding shares at 160,673,515. Alternatively, using the close price of $23.43 on June 30, 2026, the fully diluted outstanding shares stand at 159,641,222. These figures highlight the sensitivity of share count calculations to market price fluctuations during the period.

Share Count Calculations

Bullish operates as a parent company to CoinDesk, a leading provider of digital asset media and information services. CoinDesk offers tradable proprietary indices, market data analytics, and media coverage through coindesk.com. Additionally, Bullish Exchange provides regulated market infrastructure, including spot and derivatives trading with a central limit order book matching engine. Bullish Europe is regulated under MiCAR as a crypto asset service provider.

The company uses its Investor Relations website and X account to distribute material information to investors, alongside filings with the U.S. Securities and Exchange Commission (SEC). Investors are encouraged to review these channels for the latest developments. The Q2 average price of $34.77 was calculated as the average BLSH close price of all trading days in the second quarter of 2026.

Bullish appointed Thomas Cowan as Head of Tokenization to lead the company's strategy for tokenized securities. Cowan will leverage Bullish's regulated exchange infrastructure, CoinDesk's market data and indices services, and the pending acquisition of Equiniti’s global transfer agent and registry capabilities. The move aims to establish Bullish as the market infrastructure for tokenized securities.

Cowan joins Bullish from Galaxy, where he led the firm's institutional tokenization business. He pioneered the initiative behind Galaxy becoming the first Nasdaq-listed company to tokenize its stock on a major U.S. blockchain in partnership with Superstate. The direct issuance structure without a special purpose vehicle was developed with input from regulators and has become a template for compliant onshore equity tokens.

Strategic Initiatives

During his tenure at Galaxy, Cowan led several key initiatives:

• Galaxy's tokenized liquidity fund partnership with State Street Investment Management.
• The tokenization of the firm’s first collateralized loan obligation.
• The founding of Euro stablecoin issuer AllUnity (EURAU), where he served as a board member of the joint venture with Flow Traders and DWS.

Prior to Galaxy, Cowan worked in stablecoin strategy at Paxos and at the Federal Reserve Bank of Boston on Project Hamilton, the Fed's joint digital currency initiative with MIT.

Leadership Commentary

"Thomas is a key addition to our team as we build the infrastructure for tokenized securities across the Bullish platform," said Tom Farley, Bullish CEO. "His track record structuring and launching tokenization initiatives, combined with a deep understanding of market structure, will be instrumental as Bullish works to create the new standard for tokenized securities."

"I’m excited to be joining Bullish at a time when tokenization is becoming increasingly embedded in financial infrastructure," said Thomas Cowan, Head of Tokenization. "Bullish has assembled the core components needed across the full tokenization lifecycle including a regulated exchange, the pending acquisition of global transfer agent Equiniti, and recent regulatory approval from the Gibraltar Financial Services Commission (GFSC) to offer tokenized securities trading."

Recent Developments

The appointment follows a series of strategic moves by Bullish:

The combined platform is designed to span the full lifecycle of a tokenized security, from issuance and registry through to trading. The GFSC approval allows Bullish to offer the benefits of tokenization to eligible non-U.S. investors while maintaining regulatory oversight.