Bullish (BLSH), the crypto trading platform and parent company of CoinDesk, reported a net loss of $563.6 million for the fourth quarter, a reversal from the $158.5 million in profit it posted the year before.
The company lost $3.73 a share, down from earnings of $1.37 per share, as it cited non-cash digital-asset remeasurement losses.
Bullish started spot crypto trading in the U.S. in September, marking its entry into a tightly regulated and competitive market. The platform saw $64.3 billion in spot trading volume during the quarter.
It also debuted an options trading business as part of a broader push to diversify its offerings. The new business line generated $9 billion in options trading volume for the quarter.
Bullish shares fell 5% in pre market trading following the earnings announcement.
Bullish went public on the New York Stock Exchange in August through a direct listing. The company had previously operated as a private exchange focused on institutional clients.