Bullish misses first-quarter revenue estimates on weaker crypto trading activity
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- Bullish reported first‑quarter adjusted revenue of $92.8 million, missing the $94.9 million analyst estimate.
- Bullish posted adjusted EBITDA of $35.1 million (vs $38 million expected) and a net loss of $604.9 million ($3.85 per diluted share), widening from the prior year.
- Bullish shares fell about 8 % in pre‑market trading, trading around $38.5.
- Bullish agreed to acquire Equiniti for $4.2 billion, adding a regulated transfer‑agent business to its tokenized‑securities push.
- Robinhood missed Q1 earnings and revenue forecasts, with crypto‑related revenue down 47 % YoY to $134 million.
Why it matters: Investors see Bullish’s share price fall and widened loss, while the $4.2 billion Equiniti deal adds a regulated transfer‑agent business, giving the firm a new revenue avenue amid crypto‑trading weakness.
