Bullish · 392

Crypto exchange trading revenue share declined, and Coinbase and others increased stablecoin and prediction markets

Comparative news: In the second quarter, the trading revenue of the three listed crypto exchanges Coinbase, Bullish, and Gemini declined sequentially. The gap between transactional and non-transactional revenue of all three platforms narrowed, and Coinbase reduced the difference from around $132 million to $44 million in one year. Coinbase expanded the layout of products such as stablecoins and prediction markets, and the average USDC holdings increased 44% year over year to $20 billion in the third quarter. Gemini tripled the number of market makers in the forecast market at the beginning of the year. Bullish launched a new rewards program to support the trading business, and adjusted transaction revenue fell 21% month-on-month to $29.9 million in the second quarter, but increased 24% year-over-year. Gemini's trading volume fell 66% year over year to $3.8 billion, and transaction revenue fell 38%.

8h ago

Bitcoin nears $72,000, Strategy and Coinbase shares continue their gains

Comparing news, Bitcoin approached $72,000 during the European morning session on Thursday, rising more than 3.5% in 24 hours, with a cumulative increase of 15% since Monday. This round of gains was fueled by multiple benefits, including US Treasury Secretary Scott Bessent's announcement of a treasury repurchase plan and Trump urging Congress to advance the Clarity Act at the White House crypto campaign. Crypto-related stocks rose at the same time. Bitcoin's largest corporate holder, Strategy (MSTR), rose 10% in the premarket; CoinDesk parent company Bullish (BLSH) rose 5%, up more than 9% on Wednesday; Bitcoin mining company MARA Holdings (MARA) and crypto exchange Coinbase (COIN) also continued their gains before the market. According to CheckonChain data, Bitcoin has recovered several key technical levels and on-chain cost lines, including the short-term holder cost benchmark of $67,138 and the 200-day simple moving average of $68,969. The next key resistance level is the real market average of $75,689. If it continues to stand at this level, it means that active investors are generally in a state of fluctuation, which is expected to further strengthen the bullish sentiment.

2d ago

Blueprint Finance completes strategic financing led by Polychain Capital

In comparison, institutional on-chain financial infrastructure developer Blueprint Finance announced the completion of strategic financing, led by Polychain Capital, Bullish, Keyrock, BitGo, FalconX, G-20, Flowdesk, JPEG Trading, Sentient Capital, Andes, and 2Square. Blueprint Finance is the core developer of Concrete. Concrete is a full-stack treasury infrastructure for institutions, agreements, and asset managers to launch, manage, and allocate capital through complex on-chain strategies, integrating execution, accounting, risk control, rebalancing, and protocols into a unified treasury system. This round of funding will support it to continue expanding Concrete and promote collaboration with protocols, asset issuers, networks, and institutional allocators to build a vault that supports on-chain yield products and acts as a core liquidity infrastructure. In addition to treasury infrastructure, Blueprint Finance is also expanding the Concrete ecosystem and launching on-chain finance primitives such as AssetCx and ConcusD. Nic Roberts-Huntley, CEO and co-founder of Blueprint Finance, said that DeFi is going beyond simply chasing the highest advertising returns. The next stage involves infrastructure, which provides control, transparency, automation and risk management for professional allocators while retaining the advantages of the on-chain market.

2d ago#financing
Half a year has passed, are second-tier US crypto exchanges doing well?

Half a year has passed, are second-tier US crypto exchanges doing well?

Source: Foresight News Author: Eric Original title: Half a year has passed, how are second-tier crypto exchanges in the US doing? Halfway through 2026, the crypto market didn't experience the rebound that many were looking forward to. Bitcoin fell by more than 30% in the first half of the year. At one point, it fell below $60,000, and the industry's spot trading volume shrank by more than 20% for two consecutive quarters. The much-anticipated CLARITY Act has run aground in the Senate, and expectations of regulatory loosening have also been delayed. Coinbase portrayed this chill with a report card that lost more than $750 million in half a year. As the leading cryptocurrency exchange in the US, this is still the case, and second-tier exchanges are having an even worse time. According to recently disclosed financial reports for the second quarter, although some second-tier exchanges have achieved performance growth, their market share continues to be compressed. Gemini, who relied on blood transfusions from the founder to prolong their lives, let's talk about the worst family. Gemini's total revenue for the second quarter was $45.5 million, up 37% year over year, but exchange revenue fell 38% year over year, leaving only $12.5 million. Spot trading volume shrank 66% from $113 billion in the same period last year to $3.8 billion. Revenue growth was supported by side businesses such as credit cards, collateral, and OTC. Of these, credit card revenue was $16.2 million, up 231% year over year. Gemini had a net loss of US$107.7 million in the second quarter, with a cumulative loss of US$217 million in the first half of the year. The platform's assets fell to $8.4 billion from $182 billion a year ago. What is even more troubling is that the credit card business has taken a leap forward. The identity fraud incident discovered in the first quarter continued to ferment in the second quarter, and a transaction loss reserve of 2010 million US dollars was calculated in a single quarter. The contraction came fast and severe. On February 5, Gemini announced its withdrawal from the UK, EU, and Australian markets, which is tantamount to abandoning the overseas territory it has operated for many years. Employees were cut 40% from the high in the third quarter of 2025, leaving only 402 people at the end of the quarter, and marketing expenses were cut 45% year over year. In May, the Winklevoss brothers paid out of their own pockets to inject $100 million into the company at a price of $14 per share through their fund. The founder's premium increase sounds like a vote of confidence, but the market's signal is that the company is no longer able to finance itself externally. This life-saving money paid in bitcoins was then hit by a drop in currency prices, and an impairment was added to the book, directly dragging the adjusted EBITDA for the second quarter to negative 74 million US dollars, which is worse than the first quarter. Stock prices are the most honest voting instrument. Gemini was listed at $28 in September last year, reaching a high of $45.89 on the first day. Today, it has fallen from a high point of more than 88%, or 56% during the year. Citi cut its target price to $4 in April to maintain its sales rating. Bullish, the situation of Bullish being kidnapped by Bitcoin is a bit more complicated. In addition to the exchange, the company also has CoinDesk media, index licensing, and the Consensus Conference, and has a relatively diverse revenue structure. Bullish's second-quarter adjusted revenue was $92.6 million, up 62% year over year. Among them, subscription and service revenue hit a record of $62.7 million. Morgan Stanley and Grayscale all used the CoinDesk index to distribute products. Adjusted net profit for the second quarter was US$14.3 million, reversing losses year over year. Looking at these numbers alone, Bullish seems like the most decent one in the second tier. But the IFRS-caliber report tells a different story. The net loss for the second quarter was US$280 million, mainly due to Bitcoin held in the company's treasury, which recorded a fair value impairment of US$245 million in the second quarter alone. Digital asset sales fell 44% year over year, indicating that the institutional trading business is also shrinking. CEO Tom Farley's answer was to completely change the track. In May, Bullish announced the acquisition of securities registration and transfer agent Equiniti at the Consensus Miami conference. The transaction scale is about 4.2 billion US dollars. It is expected to be completed in early 2027. The goal is to complete the entire chain of tokenized securities from issuance and listing to trading and tracking. On August 12, the company launched its own tokenized stock exchange, which was also approved by the Gibraltar regulator. The story is a popular one, but the capital market isn't buying it right now. Bullish went public with a $37 IPO in August last year, closing at $70 on the first day...

4d agoForesight News#Exchanges
At a time when Bitcoin is sluggish, institutional giants are bucking the trend to grab these crypto concept stocks

At a time when Bitcoin is sluggish, institutional giants are bucking the trend to grab these crypto concept stocks

Source: Daily Planet Daily Author: Wenser Original title: Crypto Bear Market, Which Crypto Concept Stocks Are Institutional Giants Making Up Their Positions? The agency is scrambling for funding: the full list of leading stocks on each track is here! Core view: Despite the fluctuating Bitcoin price and poor performance of crypto concept stocks, institutions such as Amundi, Pioneer Group, and State Street Group, the largest European asset management company, bucked the trend and increased their holdings of crypto stocks such as Strategy and Coinbase through 13F documents in Q2 2025, showing that institutional capital is quietly laying out leading targets at their own pace, rather than the “collapse of institutional belief” as market rumors say. Key factor: 1. France's Amundi increased 148% of Strategy shares to 1.32 million shares (worth US$127.7 million). Previously, it cut its position by nearly 90% in Q1, which is a low base correction. 2. In July, Pioneer Group's funds increased their holdings of MSTR by about 610,000 shares, with total holdings exceeding 12.6 million shares, worth more than 1.2 billion US dollars; State Street Group increased its holdings by 506,000 shares, with a total holdings of 7.52 million shares. 3. The pension fund signal is remarkable: the Michigan retirement system increased its MSTR holdings by 141%, the Louisiana and New Jersey pension funds simultaneously increased their positions, and conservative funds expanded their exposure to crypto assets. 4. Bitmine's entry into the Russell Index triggered forced purchases by passive funds such as BlackRock (holding 27.3 million shares) and State Street, which made unactive decisions; Circle received an investment of US$131.8 million from the Norwegian Sovereign Fund and opened a position with the Swiss National Bank. 5. ARK Invest operates on frequent bands such as Coinbase, Block, and Circle. For example, it bought 59,668 COIN shares (worth US$9.16 million) on August 7, reflecting an active dipping strategy. 6. The shareholding ratio of Robinhood institutions exceeds 93%. A large number of small and medium-sized pension funds have scattered positions, indicating that they have entered the regular allocation pool of conservative funds. There was a 45-day disclosure delay in the 7.13F document. Institutional position adjustments were flexible, and retail investors should not directly follow orders, but institutions are more sensitive to the bottom of the market and the racetrack. Recently, France's Amundi, the largest asset management company with an asset management scale of 2.9 trillion US dollars, disclosed that it has increased its share of Strategy by 148% and currently holds 1.32 million shares worth US$127.7 million. Looking back at recent data, although BTC continues to fluctuate and the price performance of many crypto concept stocks is not impressive, there are still quite a few institutions that choose to buck the trend and increase their holdings and wait for the market to rebound to generate profits. Today, claims about the “DAT model bankruptcy” and “the collapse of institutional cryptographic beliefs” are rampant, but the 13F documents that are mandatory to be disclosed by the US SEC every quarter reveal the truth about the time difference — a number of investment institutions with asset management scales of 100 billion and trillion dollars are quietly increasing their positions at their own pace. Strategy (MSTR): Asset management giants and public funds have made up MSTR with the most solid data in this round of institutional holdings increases. Buyers include various institutions such as asset management companies, large banks, and public funds. Amundi's position of about 1.32 million shares mentioned at the beginning of the article was not the result of continuous unilateral purchases. It cut Strategy's stock position by nearly 90% in Q1 this year, and the Q2 increase was to make up for the low base position of about 530,000 shares. After all, the Q1 market performance in the crypto market is hopeless, and asset management giants also need to review the current situation and trade. Asset management giant Vanguard Pioneer Group's VOE fund previously announced an increase of 83,093 MSTR shares, worth $8.16 million, to 2.12 million shares worth $209 million; on July 27, its VTSAX fund increased its holdings of 5291 million MSTR shares worth $50 million and increased its holdings to 10.5 million shares worth $994 million. State Street Corporation (State Street Group), the world's fourth largest asset management company, recently disclosed that it has increased its holdings of 506,635 MSTR shares, involving an amount of about US$51 million, with a total holdings of 7.52 million shares, with a position value of about US$758 million, and a 7.2% increase in holdings. Growth ETF (CGGR) under Capital Group, the world's largest active fund management company with an asset management scale of $3.3 trillion, disclosed an increase in MSTR in July...

8d ago22#Circle #Coinbase #Robinhood #Strategy #invests

Bullish's second-quarter adjusted revenue increased 62% year-on-year, and plans to build a full-process platform for securities tokenization

Comparing news, crypto asset trading platform Bullish announced financial results for the second quarter of 2026. The company said that as the global securities market gradually migrates to the public chain, Bullish is planning to build a complete issuer-supported tokenized securities service system around issuance, listing, trading and tracking. Bullish CEO Tom Farley said that the nearly $300 trillion global securities market is shifting to public blockchains, and Bullish hopes to work with issuers to drive this process. Once the proposed Equiniti acquisition is completed, the company will form an integrated platform covering the issuance, listing, trading and tracking of securities tokens. According to financial data, Bullish's digital asset sales for the second quarter were US$32.6 billion, down from US$58.6 billion in the same period last year; net loss was US$280 million, compared with net profit of US$108.3 million for the same period last year, corresponding to a diluted loss of 1.78 US dollars per share. However, the company's core business performance improved. Adjusted revenue (non-IFRS) for the second quarter reached $92.6 million, up 62% year over year, up from $57 million in the same period last year; of this, subscription, services and other revenue reached a record $62.7 million. Adjusted transaction revenue was $29.9 million, up 24% year over year; adjusted EBITDA was $29.5 million, compared to $8.1 million in the same period last year; adjusted net profit was $14.3 million, with a loss of $6 million in the same period last year. In terms of business progress, Bullish said the deal to acquire British fintech company Equiniti is progressing and is expected to be completed in early 2027, and is still subject to regulatory approval and other customary conditions. Furthermore, Bullish's CoinDesk Index continues to receive institutional adoption. Morgan Stanley launched Bitcoin, Ethereum, and Solana-related trading products based on the CoinDesk Benchmark Index, which attracted more than $400 million in capital inflows in the second quarter. On the regulatory side, Bullish has been approved by the Gibraltar Financial Services Commission (GFSC) to provide secondary trading services for tokenized securities, making it one of the first regulated platforms to provide issuer-supported tokenized securities trading. The company also raised and refined its guidance for the full year 2026. Subscriptions, services, and other revenue (non-IFRS) are estimated to be $225 million to $245 million, adjusted operating expenses of $225 million to $230 million, and financing expenses of $52 million to $60 million. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

9d agoburnking

Bullish Executives Call for CLARITY Act Passes: FTX Incident Proves Market Needs Legal Regulation

Comparing news, Randi Abernethy, head of Liquidation and Group Risk at Bullish, said that the US Senate's failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean that the digital asset market has stopped developing; on the contrary, it highlights the need to establish a federal regulatory framework. Abernethy notes that while the CLARITY Act is being reviewed by the Senate, traditional US financial institutions are still accelerating their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through the Depository Trust & Clearing Corporation (DTCC) production pilot, and more than 50 institutions (including BlackRock and Goldman Sachs) are also participating in the construction of tokenized infrastructure for stocks and treasury bonds. Current regulatory discussions are no longer just about the crypto industry, but about the future infrastructure of the entire financial system. Using the 2008 financial crisis as an example, Abernethy said that financial risk will spread along shared infrastructure, and even if some institutions are not directly involved in related assets, they may be impacted. Today, the stablecoin market has exceeded 100 billion US dollars. Large stablecoin reserves are invested in US treasury bonds. If a large-scale stablecoin crisis occurs, it may affect the liquidity of traditional financial markets. She said supporters of the CLARITY Act believe the bill can establish a unified regulatory framework for the digital asset market, including core investor protection mechanisms such as customer asset segregation, conflict of interest management, capital requirements, and information disclosure. (CoinDesk)

15d ago#Clarify the topic of the bill