The sequential volume recovery is positive but the YoY decline and spread widening suggest structural compression. Watch for Q2 2026 earnings for revenue conversion rates and expense trends. The options product line is nascent but growing — monitor for scale inflection.
Price Chart
Executive Summary
Bullish released its June 2026 monthly metrics, showing total trading volume of $50.9B, up 54.7% from May's $32.9B but down 39.4% from June 2025's $44.0B. The sequential rebound in volume is notable, but the YoY decline and elevated average trading spreads (2.56 bps vs 1.32 bps a year ago) suggest structural headwinds in revenue per trade.
Key Facts
- June 2026 total trading volume was $50.9B, up from $32.9B in May 2026 but down from $44.0B in June 2025
- Average trading spread widened to 2.56 bps in June 2026 from 1.32 bps in June 2025
- BTC spot volume was $26.9B in June 2026 vs $19.9B in June 2025
- ETH spot volume was $4.9B in June 2026 vs $9.5B in June 2025
- Options volume was $2.3B in June 2026 vs $0 in June 2025 (new product line)
- Perpetual volume was $3.1B in June 2026 vs $4.1B in June 2025
- BTC annualized volatility was 47% in June 2026 vs 28% in June 2025
- ETH annualized volatility was 67% in June 2026 vs 54% in June 2025
Financial Impact
Monthly trading volume of $50.9B represents a 54.7% sequential rebound but a 39.4% YoY decline. Average spread widening to 2.56 bps from 1.32 bps YoY partially offsets volume decline on revenue, but net revenue per unit likely still compressed.
Risk Factors
- YoY trading volume down 39.4% despite sequential rebound
- Average trading spread nearly doubled YoY, potentially indicating pricing power erosion or mix shift
- ETH spot volume down 48% YoY, suggesting competitive loss in that segment
- Preliminary/unaudited data subject to revision in quarterly filing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001437749-26-022865 |
| Exhibit: ex_973705.htm | 0001437749-26-022865 |
| Document: blsh20260608_6k.htm | 0001437749-26-022865 |
| Document: 0001437749-26-022865-index-headers.html | 0001437749-26-022865 |
| Document: 0001437749-26-022865-index.html | 0001437749-26-022865 |
| Document: 0001437749-26-022865.txt | 0001437749-26-022865 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $27.60 | awaiting T+20 | — | $29.35 (+6.36%) |
Oct 6, 2026 21d ago | 6-K | $33.38 | awaiting T+20 | — | $29.35 (−12.06%) |
Sep 24, 2026 4w ago | Press Release | $37.58 $28.21 | ▼ −24.93% | ▼ −23.46% | $29.35 (−21.89%) |
Sep 8, 2026 7w ago | 6-K | $35.53 $33.38 | ▼ −6.05% | ▼ −8.02% | $29.35 (−17.38%) |
Jul 31, 2026 12w ago | 6-K | $21.79 $32.89 | ▲ +50.94% | ▲ +47.95% | $29.35 (+34.72%) |
Jul 24, 2026 13w ago | 6-K | $23.96 $30.41 | ▲ +26.92% | ▲ +23.29% | $29.35 (+22.52%) |
Jul 7, 2026 16w ago | 6-K | $25.77 $22.93 | ▼ −11.02% | ▼ −12.35% | $29.35 (+13.91%) |
Jun 29, 2026 17w ago | 6-K | $23.69 $23.96 | ▲ +1.14% | ▲ +1.42% | $29.35 (+23.91%) |
Jun 8, 2026 20w ago | 6-K | $27.21 $26.57 | ▲ +2.35% | ▲ +3.98% | $29.35 (−7.88%) |
May 14, 2026 23w ago | 6-K | $39.46 $27.21 | ▼ −31.04% | ▼ −30.19% | $29.35 (−25.61%) |
US Market Status
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