Bullish and Gemini Both Post Q2 Net Losses as Crypto Trading Activity Slows
Peter Thiel-backed crypto exchange Bullish reported a $280 million net loss for the second quarter as crypto trading slowed, according to CoinDesk. The Block reported that Bullish’s digital asset sales fell 44% during the quarter, even as its adjusted revenue rose 62%.
Gemini also posted a Q2 net loss, coming in at $108 million despite revenue growth of 37%, according to Cointelegraph. Cointelegraph reported that Gemini’s exchange revenue fell 38% and trading volume dropped by two-thirds during the quarter, with credit card and staking revenue driving growth in the company’s services segment.
Both exchanges showed a similar pattern: core trading revenue declined even as other business lines expanded, leaving each with a net loss for the quarter despite headline revenue growth.
Sources: CoinDesk, The Block, Cointelegraph
This article is for information only and is not financial advice.
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