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

May 14th News, crypto trading platform Bullish (NYSE: BLSH) announced its first-quarter 2026 results, with adjusted revenue of $92.8 million, lower than the $94.9 million expected by FactSet analysts; adjusted EBITDA was $35.1 million, also lower than the market expectation of $38 million. Bullish reported a net loss of $604.9 million in 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 due to weaker digital asset prices and reduced trading activity. As of the pre-market trading session on May 14th, Bullish's stock price fell 7.9% to $38.51. Coinbase and Robinhood also previously announced first-quarter results that fell short of expectations, with Robinhood's cryptocurrency business revenue declining 47% year-over-year to $134 million. In addition, Bullish previously announced its intention to acquire equity registration and shareholder services company Equiniti for $4.2 billion to expand its tokenized securities-related business.