Bullish (BLSH) Stock Drops 8% After Q1 Earnings Disappoint Wall Street

TLDR

• Bullish (BLSH) stock dropped ~8% in premarket after Q1 earnings missed on both EPS and revenue
• Adjusted EPS loss of -$3.85 missed the $0.16 consensus estimate by $4.01
• Adjusted revenue of $92.8 million came in below the $94.9 million analyst estimate
• Transaction revenue fell 9.5% year over year, while subscriptions and services revenue jumped 177%
• Bullish announced a $4.2 billion deal to acquire Equiniti and reaffirmed full-year 2026 guidance

Bullish (BLSH) reported first-quarter 2026 results on Thursday that fell short of Wall Street expectations, sending the stock lower in premarket trading.

The stock dropped around 8.3% to $38.33 before the open. For context, the company went public last August at $37 a share, so it’s still trading above its IPO price — just barely.

The crypto exchange posted an adjusted EPS loss of -$3.85, badly missing the analyst consensus of $0.16. That’s a miss of $4.01 per share.

Bullish, BLSH

Adjusted revenue came in at $92.8 million, up 49% year over year, but short of the $94.9 million Wall Street had penciled in.

Net loss widened to $604.9 million, or -$3.85 per diluted share, compared to a net loss of $348.6 million, or -$3.04 per share, in Q1 2025.

Digital asset sales totaled $51.8 billion for the quarter, down sharply from $80.2 billion in the same period last year.

Transaction Revenue Slips, Subscriptions Surge

Adjusted transaction revenue declined to $38.0 million from $42.0 million in Q1 2025, a drop of 9.5% year over year.

That slide was partly offset by a 177% surge in subscriptions and services revenue. That category covers everything from CoinDesk event revenue to margin loans.

Bullish also owns crypto news site CoinDesk, which contributed to the non-transaction revenue mix.

Adjusted EBITDA came in at $35.1 million, up from $13.2 million a year ago but below the $38.6 million Wall Street expected.

Adjusted net income improved to $20.3 million from $2.1 million in Q1 2025, a brighter spot in an otherwise mixed report.

$4.2 Billion Equiniti Deal and BTC Options Push

CEO Tom Farley pointed to the proposed acquisition of Equiniti for $4.2 billion as a key part of the company’s longer-term direction.

The deal is aimed at building what Bullish describes as the first fully integrated blockchain-enabled issuer services provider.

In April 2026, Bullish ranked as the number two exchange for BTC options, with trading volume hitting $11.6 billion and capturing 14% market share in open interest.

The company reaffirmed its full-year 2026 guidance, projecting subscription, services and other revenue of $220 million to $250 million.

Adjusted operating expenses for the full year are expected to land between $210 million and $230 million.

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