Net profit after adjustment: 20.3 million, with a low base last year but an upward trend. It's quite good for a bear market.

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 $92.8 million, adjusted net profit was $20.3 million, and adjusted EBITDA was $35.1 million, all up from the previous year. After the earnings report, the stock price fell by 11% before rebounding. During the quarter, the trading value of Bitcoin options was $11.6 billion, representing about 14% of open contracts; adjusted trading revenue fell to $38 million, and digital asset sales dropped from $80.2 billion to $51.8 billion.