Bullish's Q1 revenue fell short of expectations, dropping nearly 8% before trading Bullish (NYSE: BLSH), a cryptocurrency trading platform, announced its first quarter 2026 results with adjusted revenue of $92.8 million, lower than FactSet analysts' expectations of $94.9 million; Adjusted EBITDA was $35.1 million, also lower than market expectations of $38 million. Bullish had a net loss of $604.9 million in the first quarter, or $3.85 per share, compared to a net loss of $348.6 million in the same period last year. Affected by the weakening of digital asset prices and the decrease in trading activity, the company's trading related revenue has declined year-on-year. As of May 14th, before the stock market opened, Bullish's stock price fell 7.9% to $38.51.