US Crypto Firms Struggle Amid Market Slump

Bullish Global and Gemini Space Station are among several US-based digital asset companies struggling to stay afloat in the stagnant crypto market.

Bullish reported a net loss of $280 million for Q2, down from nearly $605 million in Q1. Despite this, the company's 'adjusted' revenue rose 62% year-on-year to $92.6 million.

Gemini Space Station fared slightly better, with a net loss of $107.7 million in Q2, an improvement over Q1 and last year's second quarter. However, transaction revenue fell by 15% year-on-year to $17.8 million.