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. Shortly after Thursday’s opening bell, Bullish shares had fallen 8.8% to $38, according to Yahoo Finance—but they’ve recovered most of that ground since, recently trading at $41.32, down more than 1% on the day.