BitGo, Bullish, Galaxy, Gemini struggle as crypto winter persists

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7. BitGo, Bullish, Galaxy, Gemini struggle as crypto winter persists

Many U.S.-based digital asset companies appear to believe that their futures lie pretty much anywhere except the stagnant swamp that the speculative crypto trading market has become.

We begin our Q2 tour with the Bullish Global (NASDAQ: BLSH) digital asset exchange, booking a net loss of $280 million in the three months ending June 30, which only sounds terrible until you remember that it lost nearly $605 million in Q1. For the first half of 2026, total losses are $884.8 million vs. $240.4 million in the same period last year.

Bullish reported ‘digital asset sales’ of $32.6 billion, barely half the sum reported in Q2 2025. Total ‘adjusted’ revenue came to $92.6 million, up 62% year-on-year but $200,000 below Q1’s total.

‘Adjusted’ transaction revenue (volumes x spread + fees) hit $29.9 million, up 24% year-on-year but 21.3% lower than Q1. The ‘subscription, services & other’ revenue segment, which includes the CoinDesk media outlet and its related products/services, brought in a record $62.7 million, nearly twice Q225’s total and 14.4% higher sequentially.

Apart from the disappointing trading activity, Q2’s net loss wasn’t helped by rising costs, up nearly 10% from Q1 to $63.1 million.