Bullish’s Non-Trading Revenue Overtakes Transaction Revenue as Crypto Sales Fall 44%

Bullish’s second-quarter results show why crypto platforms have to diversify from crypto: digital asset sales fell sharply, while transaction revenue contributes less than 50% to the bottom line.

Digital asset sales fell 44% year-on-year to $32.6 billion from $58.6 billion. Adjusted transaction revenue rose 24% to $29.9 million from $24.1 million, while subscription, services and other revenue reached a record $62.7 million, more than twice the transaction figure.

These figures separate three things often collapsed in crypto-exchange coverage: reported digital-asset sales, revenue earned from customer trading, and revenue generated outside the transaction business.

That distinction makes sense as other platforms report weaker crypto revenue and exchanges look for income lines less dependent on trading cycles.

Why Sales and Revenues Moved in Opposite Directions

Bullish’s digital-asset sales are a gross line reported under IFRS, the accounting standard used in its financial statements. The figure reflects the value of digital assets sold and can be influenced by crypto-market conditions, but it is not the same as trading revenue earned by the exchange.

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