Bullish Posts $280 Million Q2 Net Loss as Trading Volume Falls 44%
Summary
- Bullish said second-quarter crypto trading volume fell 44% from a year earlier to $32.6 billion.
- Bullish said it swung from a $108.3 million profit in the second quarter of last year to a $280 million net loss in the second quarter of this year.
- Bullish said revenue from other segments, including subscriptions and services, reached a quarterly record of $62.7 million.
Forecast Trend Report by Period
Bullish, the US cryptocurrency exchange, posted a net loss of nearly $300 million in the second quarter.
The company said Aug. 13 that cryptocurrency trading volume fell about 44% to $32.6 billion in the second quarter from $58.6 billion a year earlier.
Bullish swung to a net loss of $280 million in the quarter from a profit of $108.3 million a year earlier. Earnings per share also reversed to a loss of $1.78 from a profit of 93 cents.
Revenue from other segments, including subscriptions and services, rose to a quarterly record of $62.7 million.
Chief Financial Officer Dave Bonanno said growth in subscriptions and services offset weak crypto trading. Users entering through Consensus and CoinDesk are expanding into data, liquidity provision and exchange services, he added.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul