Bullish Suffers $280M Q2 Loss Amid 44% Trading Volume Drop

Bullish, the US cryptocurrency exchange, has reported a significant decline in trading volume and revenue. The company announced that its second-quarter crypto trading volume fell 44% to $32.6 billion from $58.6 billion in the same period last year.

This decrease in trading activity resulted in a net loss of nearly $300 million for Bullish, swinging from a profit of $108.3 million in the second quarter of last year. The company's earnings per share also reversed to a loss of $1.78 from a profit of 93 cents.

However, Bullish noted that revenue from other segments, including subscriptions and services, reached a quarterly record of $62.7 million. Chief Financial Officer Dave Bonanno attributed the growth in subscriptions and services as offsetting the weak crypto trading.