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.
In other words, the widening net loss and the growth in adjusted revenue aren't contradictory at all—they're two sides of the same coin: core trading volume is retreating, book losses are mounting, but thanks to how adjusted metrics are calculated, the public sees the growth story first.
The available material doesn't break down the specific components behind the widening net loss or the growth in adjusted revenue, nor does it explain why trading volume declined this quarter. It only presents the three figures disclosed by The Block.
