Bullish Q1 revenue misses expectations, shares fall nearly 8% pre-market

Odaily Odaily reports that crypto trading platform Bullish (NYSE: BLSH) released its Q1 2026 earnings, with adjusted revenue of $92.8 million, below the FactSet analyst consensus of $94.9 million. Adjusted EBITDA was $35.1 million, also missing market expectations of $38 million.

Bullish reported a net loss of $604.9 million for the first quarter, or a loss of $3.85 per share, compared to a net loss of $348.6 million in the same period last year. Revenue related to trading decreased year-over-year, impacted by weaker digital asset prices and lower trading activity.

As of pre-market trading on May 14, Bullish shares fell 7.9% to $38.51. Coinbase and Robinhood also previously reported Q1 results that fell short of expectations, with Robinhood's crypto revenue declining 47% year-over-year to $134 million.

Additionally, Bullish previously announced an agreement to acquire Equiniti, a share registry and shareholder services company, for $4.2 billion to expand its tokenized securities business. (CoinDesk)