PANews reported on May 14 that cryptocurrency trading platform Bullish (NYSE: BLSH) announced its first quarter 2026 results, with adjusted revenue of $92.8 million, lower than the $94.9 million expected by FactSet analysts; adjusted EBITDA was $35.1 million, also lower than the market expectation of $38 million.

Bullish reported a net loss of $604.9 million, or $3.85 per share, for the first quarter, compared with a net loss of $348.6 million in the same period last year. The company's transaction-related revenue declined year-over-year, impacted by weaker digital asset prices and lower trading activity.

As of pre-market trading on May 14, Bullish's stock price fell 7.9% to $38.51. Coinbase and Robinhood had also previously reported weaker-than-expected first-quarter results, with Robinhood's crypto revenue declining 47% year-over-year to $134 million.

In addition, Bullish previously announced that it would acquire Equiniti, a stock registry and shareholder services company, for $4.2 billion to expand its business related to tokenized securities.