A Peter Thiel-backed crypto exchange, and one earnings report hiding two completely opposite narratives. Bullish reported a Q2 net loss of $280 million, front and center. But look only at "adjusted revenue," and the answer is 62% growth.
The reason both numbers can hold true at once comes down to "digital asset sales," which fell 44%. This line is the most direct reflection of trading activity within Bullish's revenue structure—when it drops, it means the core business of buying and selling crypto assets actually contracted this quarter.
