Bullish misses first-quarter revenue estimates as transaction revenue slips

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Bullish misses first-quarter revenue estimates as transaction revenue slips The crypto platform posted weaker-than-expected revenue as adjusted transaction revenue declined from a year earlier. What to know: - Bullish (BLSH) Q1 adjusted revenue ($92.8 million) and EPS ($0.13) missed analyst expectations due to weaker digital asset trading activity. Shares fell 6.5% pre-market. - Weaker crypto prices reduced trading activity across the industry, also causing Coinbase and Robinhood to miss Q1 earnings and revenue forecasts. - Bullish is acquiring Equiniti in a $4.2B deal to expand into tokenized securities, adding a regulated transfer agent business. Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported first-quarter adjusted revenue below analyst expectations as weaker digital asset trading activity early in the year weighed on earnings. The company posted adjusted revenue of $92.8 million, compared with FactSet analyst estimates of $94.9 million. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $35.1 million, up from $13.2 million a year earlier, but missing expectations of $38 million. Bullish reported a net loss of $604.9 million, or $3.85 per diluted share, compared with a loss of $348.6 million, or $3.04 per share, a year earlier. BLSH shares were down 7.9% in pre-market trading at $38.51. Crypto markets struggled through much of the quarter as bitcoin Coinbase (COIN) reported weaker-than-expected first-quarter results last week after softer crypto prices reduced trading volumes. The company posted a loss of $1.49 per share, compared with analyst expectations for a $0.27 profit, while revenue and transaction revenue both missed forecasts. Robinhood (HOOD) also missed first-quarter earnings and revenue estimates after crypto-related revenue fell 47% year over year to $134 million. Bullish shares rose last week after the company agreed to acquire transfer agent and shareholder services firm Equiniti in a $4.2 billion deal aimed at expanding its push into tokenized securities. The acquisition would give Bullish a regulated transfer agent business alongside its tokenization, trading and market infrastructure operations. Executives of the company will hold an investor call at 8:30am ET. More For You Cerebras Systems’ $5.5 billion IPO and soaring semiconductor stocks underscore how investor attention has shifted from bitcoin to artificial intelligence in 2026. What to know: - Cerebras is set to debut on Thursday at a roughly $40 billion valuation, up from $8.1 billion just eight months ago - The increase highlights Wall Street’s accelerating appetite for AI infrastructure companies ahead of expected OpenAI and SpaceX listings. - Crypto markets are struggling, with bitcoin down 12% this year and...

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