In brief – Bullish reported Q1 2026 adjusted revenue of $92.8 million, falling short of the $94.1 million analyst consensus. – Net losses expanded to $604.9 million, largely driven by $559 million in unrealized losses on the company’s digital asset holdings. – Despite the loss,…
e company solidified its spot as the #2 Bitcoin options exchange with $11.6 billion in volume. Crypto exchange Bullish fell short of Wall Street expectations on Thursday, disclosing a first-quarter loss amid disappointing revenue generated beyond customers’ trades
The company reported adjusted revenue of $92.8 million for the three-month period ended March 31, below analyst expectations of $94.1 million. The miss was driven by revenue from subscriptions and services, which clocked in at $54.8 million compared to $57.6 million. As depressed digital asset prices continue to weigh on crypto-related firms, Bullish indicated that company losses widened to $604.9 million from $348.6 million a year ago.
The performance marked a deterioration from a $563.6 million loss in the previous quarter. Despite the loss, CEO Tom Farley said in a statement that he was “pleased” with the Cayman Islands-based company’s first-quarter results. He highlighted Bullish’s proposed $4.2 billion acquisition of financial services firm Equiniti, saying it would power the firm’s tokenization push.