Crypto exchange Bullish reports $604.9 million net loss in Q1, with growth on adjusted basis
The Block
Bullish reported a $604.9 million Q1 net loss driven by asset revaluations, though it achieved growth in adjusted revenue and income.Summary
Crypto exchange Bullish recorded a $604.9 million net loss for the first quarter of 2026, primarily due to non-cash fair value adjustments of its digital asset holdings. Despite the net loss, the company reported positive growth in adjusted metrics, with adjusted revenue reaching $92.8 million and adjusted net income hitting $20.3 million. CEO Tom Farley emphasized future growth through the acquisition of Equiniti and a focus on tokenization services, even as transaction revenue declined compared to the previous year.
(Source：The Block)