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Crypto exchange Bullish announces $563.6 million loss for Q4, leading to a 5% decline in shares.
The firm’s stock declined by 5% in pre-market trading.
Crypto exchange Bullish goes public on the New York Stock Exchange. (Aoyon Ashraf/Modified by CoinDesk))
Key information:
- Bullish, the parent organization of CoinDesk, announced its fourth-quarter earnings on Thursday.
- The firm reported a net loss of $563.6 million, equating to $3.73 per share, contrasting with a profit from the same quarter the previous year.
- Spot trading volume was recorded at $64.3 billion, while options trading volume exceeded $9 billion.
- Shares of the cryptocurrency platform decreased by 5% in pre-market trading.
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Bullish (BLSH), the cryptocurrency trading platform and parent organization of CoinDesk, disclosed a net loss of $563.6 million for the fourth quarter, a shift from the $158.5 million profit recorded in the same quarter of the previous year.
The company reported a loss of $3.73 per share, down from earnings of $1.37 per share, attributing this to non-cash digital-asset remeasurement losses.
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Bullish commenced spot cryptocurrency trading in the U.S. in September, marking its entrance into a highly regulated and competitive market. The platform achieved a spot trading volume of $64.3 billion during the quarter.
Additionally, it launched an options trading segment as part of a wider initiative to diversify its services. This new division generated $9 billion in options trading volume for the quarter.
The value of Bullish shares decreased by 5% in pre-market trading following the earnings report.
Bullish made its debut on the New York Stock Exchange in August through a direct listing. Prior to this, the company operated as a private exchange catering to institutional clients.
