Bullish suffered a net loss of $605 million in the first quarter, with adjusted indicators still showing growth Odaily Planet Daily News: Cryptocurrency exchange Bullish released its first quarter financial report for 2026, recording a net loss of $604.9 million, further expanding the scale of the loss compared to the same period last year. The company stated that the losses mainly come from non cash items such as changes in fair value of digital asset holdings. Despite the expansion of book losses, Bullish's adjusted performance has increased. The adjusted revenue for the first quarter was $92.8 million, higher than the $62.4 million for the same period last year; The adjusted net profit was 20.3 million US dollars, and the adjusted EBITDA was 35.1 million US dollars, both significantly higher than the same period last year. After the release of the financial report, Bullish's stock price fell by over 11% at one point, but then rebounded to near the previous day's closing level. In terms of business, Bullish stated that it has consolidated its position as the second largest exchange for Bitcoin options, with option trading volume reaching $11.6 billion in the first quarter, accounting for approximately 14% of open contracts. However, its adjusted transaction revenue decreased year-on-year to 38 million US dollars, and digital asset sales also decreased from 80.2 billion US dollars to 51.8 billion US dollars.