Bullish Non-Trading Revenue Surpasses Crypto Sales

Bullish, a digital asset exchange, reported that its non-trading revenue has overtaken transaction revenue for the first time. The company's crypto sales fell by 44% in Q2, but adjusted transaction revenue rose by 24%. In contrast to other exchanges like eToro and Robinhood, which saw significant declines in crypto revenue, Bullish's diversified model helped it thrive.

The exchange's CFO, Dave Bonanno, attributed the success to the company's broader revenue base. He noted that subscription, services, and other revenue reached a record $62.7 million, more than twice the transaction figure of $29.9 million.

Bullish's model is based on cross-selling to clients who arrive through CoinDesk and Consensus. The company cited an example of Morgan Stanley's launch of BTC, ETH, and SOL exchange-traded products using CoinDesk benchmarks, which attracted over $400 million in Q2 inflows.