---
title: "Bullish misses first-quarter revenue estimates as transaction revenue slips"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286410238.md"
description: "Bullish (BLSH) reported Q1 adjusted revenue of $92.8 million and EPS of $0.13, missing analyst expectations due to decreased digital asset trading activity, leading to a 5.7% drop in shares pre-market. The decline in crypto prices affected trading across the industry, impacting Coinbase and Robinhood as well. Additionally, Bullish is set to acquire Equiniti for $4.2 billion to enhance its tokenized securities offerings and add a regulated transfer agent business."
datetime: "2026-05-14T11:45:12.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286410238.md)
  - [en](https://longbridge.com/en/news/286410238.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286410238.md)
---

# Bullish misses first-quarter revenue estimates as transaction revenue slips

-   Bullish (BLSH) Q1 adjusted revenue ($92.8 million) and EPS ($0.13) missed analyst expectations due to weaker digital asset trading activity. Shares fell 5,7% pre-market.
-   Weaker crypto prices reduced trading activity across the industry, also causing Coinbase and Robinhood to miss Q1 earnings and revenue forecasts.
-   Bullish is acquiring Equiniti in a $4.2 billion deal to expand into tokenized securities, adding a regulated transfer agent business.

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