Crypto exchange Bullish’s 2Q average daily volume rises 3-fold on the quarter

Average daily volumes (ADV) at Bullish cryptocurrency exchange in the second quarter of the year rose by about 212% to US$522 million, up from US$167 million in the first quarter, according to a business update released on July 26. The exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission. 

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Fast facts

• Total trading fees and spreads earned in the second quarter gained about 237% to US$64 million, up from US$19 million in the first quarter, the Cayman Islands-based cryptocurrency exchange said in a statement.

• June’s ADV stood at US$857 million while fees and spreads stood at US$37 million.

• Total cumulative trading volume since the exchange was launched exceeded US$80 billion in July. 

• Bullish reportedly laid off under 30 employees earlier this month — or roughly 8% of a total of about 395 employees — joining a growing list of companies, like Coinbase and Gemini, looking to cut costs. Bullish is simultaneously hiring people for “product, engineering and other strategic roles.”

• Bullish has also announced proprietary range-bound liquidity pool technology on the platform, allowing capital within a liquidity pool to be condensed into a range closer to the current market price, the company said.

• The exchange had planned to be taken public in a deal with a special purpose acquisition company, Far Peak Acquisition. The deal, expected to close in the third quarter of 2022, would see Bullish traded publicly on the New York Stock Exchange.

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