Cryptocurrency trading platform and CoinDesk parent company Bullish (BLSH) reported a net loss of $563.6 million in the fourth quarter, a reversal from a profit of $158.5 million in the same period last year.
The company lost $3.73 per share, down from earnings of $1.37 per share, due to a remeasurement loss on non-cash digital assets.
Bullish began spot cryptocurrency trading in the United States in September, marking its entry into a heavily regulated and competitive market. The platform’s spot trading volume for the quarter was $64.3 billion.
The company also launched an options trading business as part of a broader push to diversify its products. The new business line generated $9 billion in options trading volume during the quarter.
Bullish shares fell 5% in pre-market trading after the earnings report was released.
Bullish listed on the New York Stock Exchange via a direct listing in August. The company previously operated as a private exchange focused on institutional clients.