Bullish suffered a net loss of $605 million in the first quarter, with a total option trading volume of $11.6 billion

According to The Block, cryptocurrency exchange Bullish announced its first quarter financial report, with a net loss of $604.9 million, doubling from the same period last year, mainly due to non cash items such as changes in fair value of digital asset holdings. Adjusted revenue was $92.8 million, adjusted net profit was $20.3 million, and adjusted EBITDA was $35.1 million, all higher than the same period last year. The adjusted transaction revenue decreased from 42 million US dollars to 38 million US dollars. Bullish stated that the total amount of options trading reached $11.6 billion, consolidating its position as the second largest Bitcoin options exchange.