Bullish posts $605M Q1 loss despite $35M adjusted EBITDA and rising BTC options volume

Bullish 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

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