Looking at the adjusted data, it seems like a veteran who has survived bull and bear markets; looking at GAAP, it appears like a novice experiencing a margin call.

Bullish reported a net loss of $604.9 million in the first quarter, mainly due to non-cash items such as changes in the fair value of digital assets; however, adjusted revenue was $92 million, adjusted net profit was $20.3 million, and adjusted EBITDA was $35.1 million, all increasing compared to the previous year. The stock price initially dropped 11% after the earnings report but then recovered. During the quarter, Bitcoin options trading volume was $11.6 billion, accounting for about 14% of open contracts. Adjusted trading revenue declined to $38 million, and digital asset sales decreased from $80.2 billion to $51.8 billion.