Bullish released its monthly metrics for June 2026 on July 7, 2026, reporting a total trading volume of $50.9 billion. The institutionally focused global digital asset platform recorded an average trading spread of 2.56 basis points for the month. Monthly average volatility for Bitcoin (BTC) was 47%, while Ethereum (ETH) volatility reached 67%.

Monthly Metrics for June 2026

The following table details the trading volume and average trading spread for June 2026, alongside comparative data from the previous year. All figures are unaudited and preliminary.

Operational Definitions

Trading Volume represents the notional value of trades, defined as the product of the quantity of assets transacted and the trade price at execution. The Average Trading Spread reflects total commissions earned from transactions on the Bullish Exchange expressed as a percentage of trading volume. Volatility is calculated using 1-minute price intervals from CoinDesk Data's Adaptive Diversified Liquidity Index for BTC and ETH, annualized by multiplying the daily standard deviation by the square root of 365.

Bullish is the parent company of CoinDesk, a provider of digital asset media and information services. The company operates the Bullish Exchange, a digital assets spot and derivatives exchange, and Bullish Europe, which is regulated under MiCAR. The information provided is unaudited and preliminary, subject to completion of financial closing procedures.

Bullish (NYSE: BLSH) has received approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenized securities, positioning the firm among the first regulated venues to provide issuer-sponsored tokenized securities. The approval marks a milestone in the collaboration between Bullish and Gibraltar to build regulated infrastructure for digital assets. This development allows Bullish to offer trading in tokenized securities within Gibraltar's supervisory framework to eligible non-U.S. investors.

The approval builds on the ongoing collaboration between Bullish and the GFSC, which began in 2025, to explore regulated infrastructure for digital assets. It reflects Gibraltar's status as the first jurisdiction globally to introduce a bespoke legal framework for firms using Distributed Ledger Technology (DLT). Tom Farley, CEO of Bullish Group, stated that the approval allows the firm to bring the benefits of tokenization to securities markets within a robust, supervised framework.

Tokenized securities aim to bring the efficiencies of blockchain infrastructure to traditional capital markets. For traders and investors, tokenization can enable continuous 24/7 trading, near-instant settlement, and the ability to move assets without the multi-day delays of conventional post-trade processing. For issuers, it offers the prospect of a more direct relationship with their shareholders, greater transparency into ownership, and the potential to streamline corporate actions.

The approval advances Bullish's broader strategy to build end-to-end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti (EQ), a leading global transfer agent that serves as the system of record for nearly 3,000 issuer clients and supports more than 20 million shareholders. Once that transaction completes, the combined platform is designed to span the full lifecycle of a tokenized security, inclusive of issuance, registry, and trading.

Trading in tokenized securities is expected to go live in the coming weeks, subject to pre-go live conditions. Bullish will continue to work with the GFSC as it develops its tokenized securities offering, with further details to follow.