According to CoinMeta, the Bullish report shows a net loss of $280 million in the second quarter of 2026, mainly due to losses in the valuation of digital assets, with $244.6 million of that loss stemming from the decline in the fair value of its digital asset holdings. Nevertheless, adjusted revenue still increased by 62% to reach $92.6 million, and subscription, service, and other revenues reached a new historical high of $62.7 million. The report indicates that the continuously growing recurring revenue is reducing dependence on transactions, but the reported profitability remains weak.