According to Farside Investors, the newly released F-1 filing from Bullish shows that the company's operating business recorded losses in 2022, 2023, and 2024 when excluding the change in fair value of cryptocurrency assets (source: Farside Investors). This information is crucial for traders as it highlights the underlying operational performance of Bullish beyond crypto market fluctuations, signaling potential risks for investors evaluating the company's fundamentals.