Bullish Reports $604.9 Million Q1 Loss Despite Growth in Revenue and Crypto Trading

Crypto exchange Bullish reported a net loss of $604.9 million in the first quarter of 2026, nearly doubling from the same period last year as falling digital asset valuations weighed on financial results.

The company said much of the loss came from non cash adjustments tied to changes in the fair value of its crypto holdings, a trend seen across several digital asset firms during the recent market downturn. Following the earnings release, Bullish shares briefly dropped more than 11%, touching $36.5 before recovering to trade near $41.

Adjusted Revenue and EBITDA Post Strong Growth

Despite the headline loss, Bullish recorded stronger performance on an adjusted basis. Adjusted revenue rose to $92.8 million in Q1 2026, up from $62.4 million a year earlier. Adjusted net income increased to $20.3 million from $2.1 million, while adjusted EBITDA climbed to $35.1 million compared with $13.2 million in Q1 2025.

Bullish also strengthened its position in Bitcoin options trading, reporting $11.6 billion in total options volume and accounting for roughly 14% of open interest, making it one of the largest exchanges in the sector.

Bullish shares trended downward to trade near $25 in early February and have since been on a slow uptrend according to Blockto market data.

Expansion Plans Focus on Tokenization and U.S. Derivatives

CEO Tom Farley said Bullish is preparing for long-term growth through its proposed $4.2 billion acquisition of Equiniti, which could expand the firm’s tokenization services and issuer relationships. The exchange has also applied for DCM and DCO licenses to broaden its derivatives business in the United States.