Bullish Reports $604.9M Q1 2026 Loss as Digital Asset Holdings Drive Results

Crypto exchange Bullish reported a net loss of $604.9 million for Q1 2026, nearly doubling from the prior-year quarter, primarily due to non-cash accounting adjustments tied to changes in the fair value of its digital asset holdings. Bullish shares fell more than 11% on the day after the earnings release, touching an intraday low of $36.5 before recovering to $41.30.

Adjusted operating results showed improvement: adjusted revenue rose to $92.8 million from $62.4 million year-over-year, while adjusted net income reached $20.3 million compared with $2.1 million in Q1 2025. Adjusted EBITDA increased to $35.1 million from $13.2 million.