Bullish’s second-quarter results show why crypto platforms have to diversify from crypto: digital asset sales fell sharply, while transaction revenue contributes less than 50% to the bottom line.

Digital asset sales fell 44% year-on-year to $32.6 billion from $58.6 billion. Adjusted transaction revenue rose 24% to $29.9 million from $24.1 million, while subscription, services and other revenue reached a record $62.7 million, more than twice the transaction figure.

These figures separate three things often collapsed in crypto-exchange coverage: reported digital-asset sales, revenue earned from customer trading, and revenue generated outside the transaction business.

That distinction makes sense as other platforms report weaker crypto…