Bullish (BLSH) reported first-quarter 2026 results on Thursday that fell short of Wall Street expectations, sending the stock lower in premarket trading.
$BLSH Bullish Q1 2026 Earnings
Large IFRS net loss on digital asset volatility…
but underlying adjusted business is firing on all cylinders
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KEY METRICS (Q1 2026)
Adjusted Revenue: $92.8M (+49% YoY)
— Emmanuel – Big Tech & AI Investor (@EmmanuelInvest) May 14, 2026
The stock dropped around 8.3% to $38.33 before the open. For context, the company went public last August at $37 a share, so it’s still trading above its IPO price — just barely.
The crypto exchange posted an adjusted EPS loss of -$3.85, badly missing the analyst consensus of $0.16. That’s a miss of $4.01 per share.
Adjusted revenue came in at $92.8 million, up 49% year over year, but short of the $94.9 million Wall Street had penciled in.
Net loss widened to $604.9 million, or -$3.85 per diluted share, compared to a net loss of $348.6 million, or -$3.04 per share, in Q1 2025.
Digital asset sales totaled $51.8 billion for the quarter, down sharply from $80.2 billion in the same period last year.
Adjusted transaction revenue declined to $38.0 million from $42.0 million in Q1 2025, a drop of 9.5% year over year.
That slide was partly offset by a 177% surge in subscriptions and services revenue. That category covers everything from CoinDesk event revenue to margin loans.
Bullish also owns crypto news site CoinDesk, which contributed to the non-transaction revenue mix.
Adjusted EBITDA came in at $35.1 million, up from $13.2 million a year ago but below the $38.6 million Wall Street expected.
Adjusted net income improved to $20.3 million from $2.1 million in Q1 2025, a brighter spot in an otherwise mixed report.
CEO Tom Farley pointed to the proposed acquisition of Equiniti for $4.2 billion as a key part of the company’s longer-term direction.
The deal is aimed at building what Bullish describes as the first fully integrated blockchain-enabled issuer services provider.
In April 2026, Bullish ranked as the number two exchange for BTC options, with trading volume hitting $11.6 billion and capturing 14% market share in open interest.
The company reaffirmed its full-year 2026 guidance, projecting subscription, services and other revenue of $220 million to $250 million.
Adjusted operating expenses for the full year are expected to land between $210 million and $230 million.
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