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.