Bullish first-quarter revenue misses estimates, shares fall nearly 8% pre-market
Odaily Cryptocurrency exchange Bullish (NYSE: BLSH) reported its first-quarter 2026 results, with adjusted revenue of $92.8 million, below the FactSet analyst consensus of $94.9 million; adjusted EBITDA was $35.1 million, also below the market expectation 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. The company's trading-related revenue declined year-over-year, impacted by weaker digital asset prices and lower trading activity.
As of pre-market trading on May 14, Bullish shares were down 7.9% to $38.51. Coinbase and Robinhood also previously reported first-quarter results that fell short of expectations, with Robinhood's crypto revenue declining 47% year-over-year to $134 million.
Additionally, Bullish previously announced it would acquire Equiniti, a stock registration and shareholder services company, for $4.2 billion to expand its tokenized securities business. (CoinDesk)
