Shares in the US crypto exchange Bullish fell on Thursday after the company’s first-quarter earnings missed analysts’ top and bottom line expectations.
Bullish’s adjusted revenue for the quarter ended March 31 was $92.8 million, up from $62.4 million a year ago, but below Wall Street expectations of $95.4 million.
The company reported a net loss of $604.9 million, deeper than its $348.6 million loss in the prior-year period. Its adjusted earnings per share were 13 cents, below estimates of 17 cents.
Bullish is the latest crypto company to report an earnings miss after the wider crypto market fell from January to March, with Bitcoin falling 24% over the quarter, according to CoinGecko.
Shares of Bullish (BLSH) fell 5.6% during Thursday’s trading session to close at $39.46, then rose 1% in after-hours trading.
Shares in Bullish dropped on Thursday on the company’s first-quarter results. Source: Google Finance
Bullish’s stock has lost 43% since the company went public in August but is up 4.2% so far this year.
The company told investors its recent $4.2 billion acquisition of Equiniti would allow it to bring to market a “regulated transfer agent with end-to-end tokenization infrastructure” and claimed to be the second-place exchange for Bitcoin options, two areas that are currently seeing a surge of interest.
Related: Strategy’s Bitcoin engine faces $28B STRC ceiling: Delphi Digital
“With the proposed acquisition of Equiniti, we will have all three elements required to become a powerhouse leading the blockchain era,” said Bullish CEO Tom Farley. “End-to-end tokenization services, a unified transfer agent ledger, and broad blue-chip issuer relationships.”
Bullish’s results came the same day rival exchange Gemini reported a mixed first quarter, with revenue of $50.3 million missing estimates while its net loss of $109 million exceeded expectations.
Coinbase also missed consensus after it reported its first-quarter earnings last week, with $1.41 billion in revenue missing expectations of $1.5 billion, while its $394.1 million net loss, its second consecutive quarterly loss, also fell short of forecasts.
Magazine: Guide to the top and emerging global crypto hubs: Mid-2026
