PANews reported on May 15th that, according to The Block, cryptocurrency exchange Bullish released its first-quarter financial report, showing a net loss of $604.9 million, nearly double that of the same period last year. This was primarily due to non-cash items such as changes in the fair value of digital asset holdings. Adjusted revenue was $92.8 million, up from $62.4 million in the same period last year; adjusted net profit was $20.3 million, up from $2.1 million in the same period last year; and adjusted EBITDA was $35.1 million, up from $13.2 million in the same period last year. Adjusted trading revenue decreased to $38 million from $42 million in the same period last year.

Bullish stated that it has solidified its position as the second-largest Bitcoin options exchange, with a total options trading volume of $11.6 billion. CEO Tom Farley stated that the $4.2 billion acquisition of Equiniti will drive the development of tokenized services. The company holds approximately 24,300 bitcoins, making it the sixth-largest Bitcoin treasury.