Digital asset exchange Bullish reported a net loss of $280 million for the second quarter as trading activity slowed, despite a record $92.6 million in adjusted revenue. Subscription, services and other non-trading revenue reached $62.7 million, the company said in its earnings release.
The net loss widened from $180 million in the prior quarter, reflecting a 44% decline in trading volumes, which fell to $1.2 billion from $2.1 billion in Q1. Bullish attributed the drop to reduced market volatility and lower retail participation in digital asset markets.
Adjusted revenue, which excludes the impact of trading activity, rose 12% sequentially, driven by growth in custody, staking and institutional services. The company refined its full-year guidance, projecting adjusted revenue between $350 million and $400 million, up from a prior range of $300 million to $350 million.
Bullish, backed by Block.one and regulated in multiple jurisdictions, emphasized its focus on expanding subscription-based revenue streams to reduce reliance on volatile trading fees. The exchange has not provided a timeline for profitability amid ongoing market conditions.
Shares of Bullish’s parent company, Block.one, were not materially affected by the results, as the exchange operates independently with its own financial reporting structure.
