Bullish Q1 2026 Revenue Misses Estimates, Net Loss Widens to $604.9M
Bullish reported Q1 2026 adjusted revenue of $92.8 million, missing the $94.1 million analyst consensus due to lower subscription and services revenue ($54.8M vs $57.6M). Net losses widened to $604.9 million from $348.6 million a year ago, primarily driven by $559 million in unrealized losses on digital asset holdings. Despite the loss, CEO Tom Farley expressed satisfaction and highlighted the proposed $4.2 billion acquisition of Equiniti to boost tokenization. The company remains the #2 Bitcoin options exchange with $11.6 billion in volume, eyeing U.S. expansion via CFTC license applications. Bullish shares fell 8.8% initially but recovered to $41.32, down 1% on the day. Analysts at Citi and Compass Point attributed the revenue miss to seasonality from crypto conferences like Consensus.
Key facts
- Bullish Q1 adjusted revenue $92.8M, missing $94.1M consensus.
- Net loss widened to $604.9M, including $559M unrealized crypto losses.
- Company holds ~$2.3B in digital assets; #2 Bitcoin options exchange.
- Proposed $4.2B acquisition of Equiniti to drive tokenization.
- Shares fell 8.8% then recovered to $41.32, down 1% on day.