Shares of Bullish rose after the digital asset platform's second-quarter adjusted revenue beat estimates despite swinging to a loss.

The stock was up 11% to $27.43 in recent trading, but fell 28% since the start of the year.

The company reported a loss of $280 million, or $1.78 a share, compared with a profit of $108.3 million, or 93 cents a share, a year earlier.

Adjusted revenue rose 62% to $92.6 million. Analysts polled by FactSet expected $87.5 million.

"The nearly $300 trillion global securities market is moving onto public blockchains. Bullish is excited to work with issuers to make this happen in a way that accrues to their benefit," said Chief Executive Tom Farley.