Bullish reported a net loss of $605 million in the first quarter, with adjusted net income of $20.3 million.

CoinFeed reported on May 15th that, according to The Block, cryptocurrency exchange Bullish released its first-quarter financial report, showing a net loss of $604.9 million, nearly double that of 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 in the same period last year; adjusted EBITDA was $35.1 million, up from $13.2 million in the same period last year. Adjusted trading revenue decreased to $38 million from $42 million in the same period last year. Bullish stated that it has solidified its position as the second-largest Bitcoin options exchange, with total options trading volume reaching $11.6 billion.