Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported second-quarter net loss of $280 million, on Thursday, compared to $108.3 million for the equivalent period a year earlier.

Most of that headline loss was due to a $244.6 million markdown in the company’s bitcoin holdings as BTC’s price fell throughout the quarter.

Adjusted earnings before interest, taxes, depreciation and amortization came in at $29.5 million, versus $8.1 million a year earlier. Adjusted net income was $14.3 million, compared with a $6 million loss in the second quarter of 2025.

Adjusted revenue of $92.6 million, a 62% increase from $57 million a year earlier, as growth in subscriptions and services offset softer trading…