Digital Asset Companies Struggle Amid Crypto Winter

The digital asset companies Bullish and Gemini reported significant losses in their second quarter earnings reports. Bullish, whose shares closed Thursday up 11.6% to $27.48, booked a net loss of $280 million for Q2. This is compared to a net loss of nearly $605 million in Q1 and total losses of $884.8 million for the first half of 2026.

Bullish's revenue actually increased year-on-year by 62%, but this was largely due to its subscription, services, and other segment, which includes CoinDesk media outlet products and services, bringing in a record $62.7 million. However, trading activity remained dismal, with total 'adjusted' transaction revenue down 21.3% from Q1 to $29.9 million.

The company's digital financial assets resulted in a $521 million loss, reversing the $560.7 million gain reported in the same period last year. Bullish maintains the sixth-largest BTC treasury with around 24,300 tokens stored in custodied wallets.