Bullish, the cryptocurrency exchange operator that also owns CoinDesk, saw its stock (BLSH) drop around 8.3% in premarket trading to $38.33 after releasing Q1 2026 earnings that fell short of analyst estimates. The company posted an adjusted EPS loss of -$3.85, a significant miss against the $0.16 consensus estimate. Adjusted revenue reached $92.8 million, up 49% year-over-year but below the $94.9 million Wall Street forecast.
The net loss widened to $604.9 million, or -$3.85 per diluted share, compared to a net loss of $348.6 million in Q1 2025. Digital asset sales volume fell sharply to $51.8 billion from $80.2 billion a year earlier. Transaction revenue declined 9.5% to $38.0 million, while subscriptions and services revenue surged 177%, partly offsetting the slide. Adjusted EBITDA came in at $35.1 million, missing the $38.6 million estimate, though adjusted net income improved to $20.3 million from $2.1 million.
CEO Tom Farley highlighted the planned $4.2 billion acquisition of Equiniti to build an integrated blockchain-enabled issuer services provider. Bullish also ranked as the second-largest exchange for BTC options in April 2026, with $11.6 billion in volume and 14% market share in open interest. The company reaffirmed its full-year 2026 guidance, projecting $220–$250 million in subscription and services revenue and $210–$230 million in adjusted operating expenses.
