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Bullish Reports $604.9 Million Q1 Loss as Options Volume Reaches $11.6 Billion

The exchange said adjusted revenue and profit improved despite a large net loss, while its Bitcoin options activity and planned Equiniti acquisition support its tokenization strategy.

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Fact Check
All three specific figures in the claim are confirmed by Bullish's own official press release via Business Wire ('Bullish reports first quarter 2026 results'): the $604.9 million net loss, the $92.8 million adjusted revenue, and the $11.6 billion Bitcoin options volume. The non-cash fair value change driver is corroborated by The Block, which notes the loss was 'driven primarily by non-cash items related to digital asset holdings.' The revenue miss characterization is also accurate, as crypto.news and The Block both note results fell below analyst estimates. There are no conflicting reports on any of these figures.
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Summary

Bullish reported a first-quarter net loss of $604.9 million, but adjusted revenue rose to $92.8 million and adjusted net profit reached $20.3 million. The exchange said options trading volume hit $11.6 billion, helping reinforce its position as the second-largest Bitcoin options exchange. Bullish also said it holds about 24,300 Bitcoin and that its $4.2 billion acquisition of Equiniti will support tokenization services.

Terms & Concepts
  • Bitcoin options exchange: A trading venue where investors buy and sell options contracts tied to Bitcoin’s price, rather than the asset itself.
  • options trading volume: The total value of options contracts traded over a given period, often used to gauge market activity and liquidity.
  • tokenization: The process of representing real-world or financial assets as blockchain-based tokens that can be transferred or traded digitally.