Cryptocurrency exchange Bullish (NYSE: BLSH) reported first-quarter 2026 revenue of $92.8 million, falling short of the $94.9 million analyst consensus. The company also posted an adjusted EBITDA of $35.1 million, below the expected $38 million. Bullish recorded a net loss of $604.9 million, or $3.85 per share, compared to a $348.6 million loss in the same period last year. The decline in transaction-related revenue was attributed to weaker digital asset prices and reduced trading activity. Following the earnings report, Bullish shares fell 7.9% to $38.51 in pre-market trading on May 14. This comes amid a broader trend of disappointing results in the sector, with Coinbase and Robinhood also reporting weaker-than-expected first-quarter performances. Bullish recently announced plans to acquire Equiniti for $4.2 billion to enhance its tokenized securities business.