Crypto exchange Bullish reports $604.9 million net loss in Q1, with growth on adjusted basis

Crypto exchange Bullish reported a net loss of $604.9 million for the first quarter of 2026, nearly doubling its losses from the same quarter last year, according to its most recent financial statement.

Like many crypto firms’ quarterly reports, Bullish's first-quarter losses were largely driven by non-cash items, primarily the change in fair value of its sizable digital asset holdings.

BLSH shares dipped as low as $36.5 on Thursday following its report, down over 11% from Wednesday's closing price of $41.22, according to The Block's data. The stock has since rebounded to trade around $41.30, with volume elevated, after opening at $37.

The exchange reported growth on an adjusted basis, with first-quarter adjusted revenue coming in at $92.8 million in 2026, compared to $62.4 million in 2025, and adjusted net income at $20.3 million, versus $2.1 million, during the same quarters. Adjusted EBITDA hit $35.1 million, up from $13.2 million in Q1 2025.

Notably, Bullish claims to have "solidified" its position as the second largest exchange for bitcoin (BTC) options, with total options trading volume reaching $11.6 billion, accounting for 14% of the open interest.

That said, Bullish’s adjusted transaction revenue was down to $38.0 million from $42.0 million in the same period last year, while digital asset sales also fell to $51.8 billion from $80.2 billion.

Bullish CEO Tom Farley pointed to the firm’s $4.2 billion acquisition of Equiniti as a potential growth driver as it moves into tokenization services. The firm also filed for DCM and DCO licenses to broaden its derivatives offerings in the U.S.

"We're pleased with our Q1 results and we're even more excited about what comes next," Farley said. "With the proposed acquisition of Equiniti, we will have all three elements required to become a powerhouse leading the blockchain era: end-to-end tokenization services, a unified transfer agent ledger, and broad blue-chip issuer relationships."

Bullish went public in August 2025, pricing 30 million shares at $37. After an initial pop above $74, (BLSH) shares trended downward to trade near $25 in early February and have since been on a slow uptrend, according to Yahoo Finance.

The firm maintains the sixth-largest bitcoin treasury, with about 24,300 BTC, according to Bitcoin Treasuries data.