Bullish posts $605M Q1 loss despite $35M adjusted EBITDA and rising BTC options volume
Bullish •
Revision history
3 recorded changes
Want your article here?
Promote with Leviathan NewsBullish reported a $604.9M Q1 net loss, wider than $348.6M a year ago, while adjusted revenue rose to $92.8M and adjusted EBITDA hit $35.1M. Digital asset sales fell to $51.8B from $80.2B, but options volume reached $11.6B and Bullish said it held the #2 BTC options spot with 14% open interest share in April. Management reaffirmed 2026 guidance and is leaning on the $4.2B Equiniti deal plus U.S. derivatives license filings to push a broader tokenization and derivatives expansion story.
TLDR by @Benthic
More coverage
- BULLISH ($BLSH) Releases Q1 2026 Earnings | Quiver Quantitative (quiverquant.com)
- Bullish sets Q1 2026 results release and call | BLSH SEC Filing (stocktitan.net)
- Bullish (NYSE:BLSH) - Earnings & Revenue Performance (simplywall.st)
- Bullish to announce first quarter 2026 financial results (bullish.com)
- Our first quarter 2026 results are now available on the Bullish ... (x.com)
Explore the topic
More on $BTC
Grant Cardone says Cardone Capital will keep buying Bitcoin with rental cash flows, positioning its $200M BTC strategy as an alternative to Strategy's debt-funded playbook
Coindesk ·
Public firms now hold over 1M BTC as Strategy, Tesla, Block and Metaplanet embrace Bitcoin treasury strategies to hedge inflation and attract investors
The Block ·
Hashi adds Cumberland, Fluid, and SwissBorg before July global testnet to unlock over $1T in dormant BTC
blog.sui.io ·
GoMining takes aim at Square with payments system designed around bitcoin, giving merchants new tools to accept BTC for everyday purchases and services
Coindesk ·
ZachXBT links 5.73 BTC frozen at Changelly to $1M+ scam cluster after suspect DMs him
𝕏/@zachxbt ·
Bitcoin’s fixed 21M supply cap will halt new issuance by 2140, shifting miner revenues entirely to transaction fees while reinforcing BTC’s scarcity narrative
The Block ·
Grant Cardone says Cardone Capital will keep buying Bitcoin with rental cash flows, positioning its $200M BTC strategy as an alternative to Strategy's debt-funded playbook
Coindesk ·
Public firms now hold over 1M BTC as Strategy, Tesla, Block and Metaplanet embrace Bitcoin treasury strategies to hedge inflation and attract investors
The Block ·
Hashi adds Cumberland, Fluid, and SwissBorg before July global testnet to unlock over $1T in dormant BTC
blog.sui.io ·
GoMining takes aim at Square with payments system designed around bitcoin, giving merchants new tools to accept BTC for everyday purchases and services
Coindesk ·
ZachXBT links 5.73 BTC frozen at Changelly to $1M+ scam cluster after suspect DMs him
𝕏/@zachxbt ·
Bitcoin’s fixed 21M supply cap will halt new issuance by 2140, shifting miner revenues entirely to transaction fees while reinforcing BTC’s scarcity narrative
The Block ·