Overview
- Bullish, which reported results Thursday, logged adjusted revenue of $92.8 million and missed Wall Street estimates alongside a shortfall in adjusted EBITDA.
- Shares fell about 8% in early trading after the release before paring some losses later in the session.
- The net loss reached $604.9 million for the quarter, driven largely by roughly $559 million in unrealized markdowns on the company’s crypto holdings under mark-to-market accounting.
- Transaction revenue fell 9.5% from a year ago as trading slowed, while subscriptions and services surged 177%, reflecting a shift toward steadier, non-trading income.
- Management underscored a proposed $4.2 billion Equiniti acquisition to support tokenized securities and reaffirmed full‑year guidance, even as peers like Coinbase and Robinhood also reported pressure from lower crypto volumes.