Bullish Q2 revenue showed a sharp drop in digital asset sales, while non-trading income rose to more than double transaction revenue. The company said digital asset sales fell 44% year on year to $32.6 billion from $58.6 billion. Meanwhile, adjusted transaction revenue increased 24% to $29.9 million from $24.1 million. Subscription, services and other revenue reached a record $62.7 million.
Bullish said those figures reflect different parts of its business. Reported digital asset sales are a gross line under IFRS. However, that figure is not the same as trading revenue earned from exchange users. The company said market conditions can affect digital asset sales.
Bullish Q2 Revenue Mix Changes
Adjusted transaction revenue is Bullish’s non-IFRS measure for fees, spreads and related trading income from customers on the exchange. Therefore, digital asset sales and transaction revenue can move in different directions. Bullish described the second quarter as a softer trading market. However, it did not give one operating reason for why transaction revenue rose as digital asset sales fell.
Chief Financial Officer Dave Bonanno said the company’s broader revenue base supported the quarter. He said record subscription, services and other revenue of $62.7 million helped drive adjusted revenue up 62% from a year earlier. According to Bonanno, that increase more than offset the softer trading market.
Broader Revenue Base Offsets Softer Market
Bonanno said Bullish uses a cross-sell model. Clients come in through CoinDesk and Consensus, then expand into data, indices, liquidity and the exchange. Additionally, the company pointed to Morgan Stanley’s launch of BTC, ETH and SOL exchange-traded products using CoinDesk benchmarks. Bullish said those products drew more than $400 million in second-quarter inflows.
The company said its results highlight the gap between digital asset sales, trading revenue and income from outside transaction activity. Meanwhile, Bullish did not make a direct comparison with eToro, Robinhood or Bitget, noting that platforms use different metrics and business models. Still, the company’s second-quarter figures showed that revenue outside pure trading played a larger role as crypto trading conditions softened.
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Source: Finance Magnates
