Cryptocurrency exchange Bullish reported a dramatic shift in its revenue composition for Q2 2024, with non-trading income now surpassing transaction fees as digital asset sales plunged 44 percent year-over-year to $32.6 billion from $58.6 billion. The platform’s subscription, services and other revenue hit a record $62.7 million, more than double its $29.9 million in adjusted transaction revenue, which actually grew 24 percent despite weaker trading conditions.
CFO Dave Bonanno attributed the performance to Bullish’s diversified model that cross-sells clients from CoinDesk and Consensus events into data products, indices and liquidity services. The company highlighted Morgan Stanley’s launch of Bitcoin, Ethereum and Solana ETPs using CoinDesk benchmarks, which generated over $400 million in Q2 inflows. This revenue diversification arrives as crypto platforms face sustained trading weakness, with competitors like eToro reporting 30 percent drops in cryptoasset revenue during the same period.
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FXnCO Insight
** Crypto platforms heavily reliant on transaction fees face compression risk—exchanges with diversified revenue streams through data, subscriptions and infrastructure services show greater resilience during cyclical trading downturns.
Source: Finance Magnates