Bullish posts $604.9M net loss in Q1 but adjusted revenue and EBITDA both grew sharply year-over-year.

Crypto exchange Bullish reported a $604.9 million net loss for the first quarter of 2026, a headline figure that masks a more constructive operating picture. On an adjusted basis, revenue climbed to $92.8 million from $62.4 million in the same period a year earlier — a 49% jump — while adjusted EBITDA more than doubled to $35.1 million from $13.2 million.

CEO Tom Farley framed the results positively, saying the company is "pleased with our Q1 results" and "even more excited about what comes next." The gap between the GAAP net loss and the adjusted figures likely reflects non-cash items such as mark-to-market movements on digital asset holdings or goodwill, a common divergence for crypto-native balance sheets in volatile quarters.

The adjusted trajectory — revenue and EBITDA both accelerating — is the number institutional observers will focus on as Bullish continues to position itself…