Bullish Report: Q2 net loss of $280 million, main cause of valuation loss of digital assets

The Bullish report showed a net loss of $280 million in the second quarter of 2026, mainly as a result of the valuation loss of digital assets, of which $244.6 million resulted from a decrease in the fair value of its digital assets. Nevertheless, adjusted income increased by 62 per cent to $92.6 million, with a record high of $62.7 million in subscriptions, services and other income. The report shows that the continued growth of recurrent income is reducing reliance on transactions, but the reported profitability remains weak。