Crypto platform Bullish (BLSH) reports $563.6 million Q4 loss, shares fall 5%
Crypto platform Bullish reported a $563.6 million net loss for Q4, causing its shares to drop 5% in pre-market trading.Summary
Bullish (BLSH), the crypto trading platform and parent company of CoinDesk, announced a significant financial downturn in the fourth quarter, reporting a net loss of $563.6 million. This contrasts sharply with the $158.5 million profit recorded in the same quarter the previous year, translating to a loss of $3.73 per share, attributed primarily to non-cash digital-asset remeasurement losses.
Despite the loss, the platform saw substantial activity, generating $64.3 billion in spot trading volume after launching spot crypto trading in the U.S. in September. Furthermore, Bullish expanded its offerings by debuting an options trading business, which contributed $9 billion in volume during the quarter.
Following the earnings release, Bullish shares declined by 5% in pre-market trading. The company, which went public via a direct listing on the NYSE in August after previously serving institutional clients, is navigating a competitive and highly regulated market.
(Source：CoinDesk)