The crypto exchange reported a wider-than-expected first-quarter loss, dragging shares lower amid broader sector earnings disappointments.
Bullish reported a $605 million net loss for the first quarter, missing market expectations and pushing its shares lower. The company attributed its strategic focus to the pending $4.2 billion acquisition of Equiniti, aiming to build a regulated tokenization infrastructure and transfer agent ledger.
The results follow mixed earnings from rivals, including Gemini’s $109 million net loss and Coinbase’s $394.1 million loss, both exceeding forecasts. Bullish shares have fallen 43% since its August IPO but remain up 4.2% year-to-date.
Bullish CEO Tom Farley highlighted the Equiniti deal as a key step toward becoming a leader in blockchain infrastructure, citing growing demand for Bitcoin options and tokenization services.