[Bullish Reports Q1 Net Loss of $605 Million, Adjusted Net Profit of $20.3 Million] According to The Block, cryptocurrency exchange Bullish released its Q1 financial report, showing a net loss of $604.9 million for the quarter, nearly doubling compared to the same period last year, primarily due to non-cash items such as changes in the fair value of digital asset holdings. Adjusted revenue was $92.8 million, up from $62.4 million in the same period last year; adjusted net profit was $20.3 million, up from $2.1 million last year; and adjusted EBITDA reached $35.1 million, up from $13.2 million last year. Adjusted trading revenue decreased from $42 million in the same period last year to $38 million. Bullish stated that it has solidified its position as the second-largest Bitcoin options exchange, with total options trading volume reaching $11.6 billion.