Bullish Q1 Revenue Misses Estimates at $92.8M

Bullish, the Cayman Islands-based cryptocurrency exchange and parent company of CoinDesk, reported first-quarter adjusted revenue of $92.8 million on Thursday, missing analyst expectations of around $94.9 million, as weaker digital asset prices curbed trading volumes industrywide.

The company posted a net loss of $604.9 million, or $3.85 per diluted share, for the three months ended March 31. That compared with a loss of $348.6 million, or $3.04 per share, in the year-ago period. The widened shortfall stemmed largely from $559 million in unrealized losses on Bullish's digital asset holdings, valued at approximately $2.3 billion, alongside reduced revenue from subscriptions and services, which totaled $54.8 million against expectations of $57.6 million. Adjusted earnings before interest, taxes, depreciation and amortization came in at $35.1 million, an improvement from $13.2 million a year earlier but below forecasts of $38 million.

Lower cryptocurrency prices, including Bitcoin's retreat from late-2025 highs, dampened trading activity across exchanges. Bullish recorded $51.8 billion in digital asset sales and solidified its position as the second-largest venue for Bitcoin...