Bullish Misses Q1 Revenue Estimates as Trading Activity Declines

Bullish (BLSH) reported first-quarter adjusted revenue of $92.8 million, falling short of analyst expectations of $94.9 million, due to weaker digital asset trading activity, according to CoinDesk. The company's adjusted EBITDA was $35.1 million, below the anticipated $38 million, while it posted a net loss of $604.9 million, or $3.85 per share. Shares dropped 7.9% pre-market. The crypto platform is acquiring Equiniti for $4.2 billion to expand into tokenized securities. The acquisition will add a regulated transfer agent business to Bullish's operations.