Bullish Reports Q1 Net Loss of $605M, Yet Adjusted Metrics Show Growth
Odaily Odaily News: Crypto exchange Bullish released its Q1 2026 financial report, recording a net loss of $604.9 million, with the loss scale widening compared to the same period last year. The company stated that the loss was primarily due to non-cash items such as changes in the fair value of digital asset holdings.
Despite the widening book loss, Bullish's adjusted performance showed growth. Q1 adjusted revenue was $92.8 million, up from $62.4 million in the same period last year; adjusted net profit was $20.3 million, and adjusted EBITDA was $35.1 million, both showing a significant increase compared to the same period last year.
Following the earnings release, Bullish's stock price initially fell over 11% before recovering to near the previous day's closing level.
On the business front, Bullish stated that it has solidified its position as the second-largest exchange for Bitcoin options. Q1 options trading volume reached $11.6 billion, accounting for approximately 14% of open interest. However, its adjusted trading revenue declined year-over-year to $38 million, and digital asset sales also decreased from $80.2 billion to $51.8 billion.
