Bullish Exchange Posts $280 Million Q2 Net Loss as Digital Asset Sales Slump 44%
Crypto exchange Bullish recorded a $280 million net loss in the second quarter as digital asset sales fell 44% year-over-year. Adjusted revenue rose 62% to $92.6 million, while subscription and services revenue hit a record $62.7 million. The company also refined its full-year guidance amid the softer trading environment.
Bullish, a centralized crypto exchange, reported a $280 million net loss for the second quarter, driven largely by a 44% decline in digital asset sales. The loss underscores the ongoing pressure on crypto trading venues as market volumes remain uneven across the sector.
Despite the headline loss, the exchange showed strength in recurring revenue streams. Adjusted revenue reached $92.6 million, a 62% increase, and subscription, services, and other revenue climbed to a record $62.7 million for the quarter.
The company updated its full-year financial guidance following the Q2 results, signaling management awareness of the current trading environment. The divergence between trading revenue and services revenue reflects a broader industry pattern where exchanges seek to reduce reliance on volatile transaction income.
While Bullish is not an XRP-specific entity, its performance is a relevant indicator of institutional crypto exchange health and trading conditions that affect liquidity and market structure across digital assets including XRP.
Key facts
- •$280 million net loss reported for Q2
- •Digital asset sales fell 44% year-over-year
- •Adjusted revenue rose 62% to $92.6 million
- •Subscription and services revenue hit a record $62.7 million
- •Full-year guidance was refined following the Q2 results