<p>Bullish ((BLSH)) 已召开其 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Bullish 最近的财报电话会议传达了乐观但谨慎的语气，管理层在快速增长与明显的短期阻力之间取得了平衡。高管们强调了收入激增和利润率扩张、交易所市场份额的增长，以及一项可能重新定义其代币化雄心的重大收购，同时警告称，数字资产价格疲软、支出增加和交易执行风险将在短期内对业绩产生压力。</p>
<h2>强劲的收入增长</h2>
<p>Bullish 在 2026 年第一季度报告的调整后收入为 9280 万美元，同比增长约 49%，略高于 2025 年第四季度，尽管加密货币价格大幅下跌。管理层强调，这一增长是在比特币环比下降约 24% 的情况下实现的，突显了公司多元化收入基础的韧性。</p>
<h2>利润率和盈利能力扩张</h2>
<p>盈利能力显著改善，调整后 EBITDA 达到 3510 万美元，利润率约为 38%，高于一年前的 21%。调整后净收入攀升至 2030 万美元，或每股调整后摊薄收益 0.13 美元，反映出同比约 72% 的贡献利润率，并在更艰难的市场中展现出经营杠杆。</p>
<h2>变革性的 Equiniti 收购</h2>
<p>此次电话会议的核心是 Bullish 以 42 亿美元收购 Equiniti 的交易，资金来源于约 23.5 亿美元的新股和 18.5 亿美元的债务假设。Equiniti 为近 3000 家发行人提供服务，包括超过一半的 FTSE 100 和超过 30% 的 S&amp;P 500，每年处理超过 0.5 万亿美元的支付，为 Bullish 提供了强大的注册和股东服务基础。</p>
<h2>交易和衍生品执行</h2>
<p>Bullish 的交易业务持续扩展，第一季度期权交易量达到 116 亿美元，占全球比特币期权未平仓合约的 14%。该平台现在是全球第二大比特币期权交易所，并在四月份创下了 8.58 亿美元的单日交易量记录，标志着流动性和客户参与度的加深。</p>
<h2>监管进展和许可路线图</h2>
<p>管理层概述了积极的许可推进，已申请期货和清算所的批准，并准备了经纪交易商的申请。他们预计在 2026 年底之前将在美国和欧洲获得交易许可证，并表示与监管机构的对话是建设性的，指出类似的清算批准在一年内就已实现。</p>
<h2>数字媒体和基准胜利</h2>
<p>CoinDesk 对 Bullish 的媒体和指数战略给予了强有力的验证，总页面浏览量环比增长 30%，每月独立访客数量增长约 60%。其指数部门作为摩根士丹利 BTC ETP 的基准提供商获得了重要胜利，该产品在四月推出后迅速积累了超过 2.2 亿美元的资产。</p>
<h2>事件和需求验证</h2>
<p>Bullish 在香港和迈阿密的共识会议吸引了来自 100 多个国家的超过 26,000 名与会者，进一步巩固了其作为数字资产生态系统中心的品牌。迈阿密的门票销售比多伦多增长了两倍，管理层报告称，在 Equiniti 宣布后，发行人、金融机构和监管机构的来电兴趣显著增加。</p>
<h2>重申 2026 年指导和中期目标</h2>
<p>公司重申了 2026 年的综合指导，预计协同效应调整后的收入为 12.5 亿至 13.5 亿美元，调整后 EBITDA 减去资本支出为 4.9 亿至 5.3 亿美元，调整后净收入为 2.7 亿至 2.9 亿美元。中期目标包括每年 6% 至 8% 的收入增长、2500 万至 5000 万美元的净成本削减、约 1 亿美元的年度 EBITDA 减去资本支出增长、约 10 亿美元的自由现金流，以及到 2029 年接近 50% 的利润率。</p>
<h2>数字资产价格的阻力</h2>
<p>尽管收入表现乐观，管理层承认宏观条件是一个拖累，比特币环比下降约 24%，许多代币的跌幅甚至更大。这些下跌对交易量和与稳定币相关的收入造成压力，提醒投资者 Bullish 在多元化的同时仍然暴露于加密市场周期。</p>
<h2>连续净收入压力和支出增加</h2>
<p>在连续基础上，调整后净收入从 2025 年第四季度的 2890 万美元下降至 2030 万美元，支出增加。调整后运营费用从 4810 万美元上升至 5770 万美元，管理层警告称，由于大型活动和加大投资，第二季度将是支出高峰季度。</p>
<h2>一次性和投资相关成本提前支出</h2>
<p>约 700 万美元的额外第一季度成本与香港共识会议相关，约 250 万美元来自战略投资，包括人工智能工具和针对性绩效奖励。管理层表示，随着他们加速代币化平台的建设，支出将在 2026 年保持高位，实际上是提前进行了投资，以抓住他们认为是关键的市场窗口。</p>
<h2>选择性收入收缩来自合同退出</h2>
<p>Bullish 还选择退出自 2023 年以来的传统流动性服务合同，这在其服务部门造成了短期收入压力。因此，尽管活动强劲，SS&amp;O 线环比基本持平，高管们将这一举措视为修剪低质量收入，以支持更高利润率的战略关系。</p>
<h2>交易执行和整合风险</h2>
<p>Equiniti 的收购存在执行风险，因为该交易仍需获得多个监管批准，预计将在 2027 年 1 月完成。管理层警告称，整合可能会很复杂，预期的收益可能需要时间才能实现或可能未能达到，暗示投资者应密切关注交易完成过程和协同效应的交付。</p>
<h2>通过债务承担提高杠杆</h2>
<p>通过承担 18.5 亿美元的 Equiniti 债务，Bullish 将显著提高其杠杆水平，直到协同效应和成本削减显现。管理层认为，Equiniti 的客户基础稳定且高留存率证明了资产负债表扩张的合理性，但增加的债务在过渡期间提高了财务风险，尤其是在宏观经济条件或整合时间表恶化的情况下。</p>
<h2>美国企业采用的时机与销售周期</h2>
<p>Bullish 强调，大型美国机构和发行者面临漫长的尽职调查和合规流程，这延长了代币化解决方案的销售周期。尽管在 Equiniti 公告后，客户的兴趣强烈，管理层承认采用曲线仍不确定，收入增长可能会不均匀。</p>
<h2>收入对利率和稳定币活动的敏感性</h2>
<p>公司还指出对利率动态和稳定币活动的敏感性，提到近期利率变动对某些稳定币相关收入的影响约为 10%。更广泛的宏观压力可能进一步影响这些收入，增加了短期表现的变数，即使公司在为长期发展做准备。</p>
<h2>前瞻性指导和展望</h2>
<p>展望未来，Bullish 重申对其 2026 年及中期目标的信心，同时警告运营费用将在之前指导的中点和上限之间，第二季度将是高点。管理层预计，Equiniti 的规模、监管进展、成本降低和持续的交易所增长将支持未来几年的现金生成增长，即使他们在应对监管时机和市场波动。</p>
<p>Bullish 的财报电话会议描绘了一幅公司积极投资于优势的图景，利用强劲的增长和扩大的利润率来资助大胆的代币化和传统发行服务扩展。对于投资者而言，故事的关键在于管理层能否成功整合 Equiniti，管理更高的杠杆，并在加密货币和宏观波动中坚持足够长的时间，以实现他们所描绘的可观上行空间。</p>

BLSH

BLSG

<p>Bullish (BLSH) 报告了 2026 年第一季度的强劲业绩，调整后收入为 9280 万美元，同比增长 49%，尽管比特币价格下降了 24%。公司宣布以 42 亿美元收购 Equiniti，增强了其市场地位。调整后的息税折旧摊销前利润（EBITDA）达到 3510 万美元，利润率为 38%。然而，管理层对数字资产价格下跌和支出增加带来的短期挑战表示谨慎。他们重申了 2026 年的指导，预计收入为 12.5 亿至 13.5 亿美元，调整后的净收入为 2.7 亿至 2.9 亿美元</p>

<p>Bullish ((BLSH)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Bullish ((BLSH)) 已召开其 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Bullish’s latest earnings call struck an optimistic but measured tone as management balanced rapid growth against clear near‑term headwinds. Executives highlighted surging revenue and expanding margins, growing exchange market share, and a major acquisition that could redefine its tokenization ambitions, while cautioning that weaker digital‑asset prices, higher spending, and deal execution risks will weigh on results in the near term.</p>
<div class="lb-trans"><p>Bullish 最近的财报电话会议传达了乐观但谨慎的语气，管理层在快速增长与明显的短期阻力之间取得了平衡。高管们强调了收入激增和利润率扩张、交易所市场份额的增长，以及一项可能重新定义其代币化雄心的重大收购，同时警告称，数字资产价格疲软、支出增加和交易执行风险将在短期内对业绩产生压力。</p>
</div><h2>Strong Top-Line Growth</h2>
<div class="lb-trans"><h2>强劲的收入增长</h2>
</div><p>Bullish posted adjusted revenue of $92.8 million in Q1 2026, up about 49% from a year earlier and slightly ahead of Q4 2025 despite a sharp drop in crypto prices. Management stressed that this growth came even as Bitcoin fell roughly 24% quarter over quarter, underscoring the resilience of the firm’s diversified revenue base.</p>
<div class="lb-trans"><p>Bullish 在 2026 年第一季度报告的调整后收入为 9280 万美元，同比增长约 49%，略高于 2025 年第四季度，尽管加密货币价格大幅下跌。管理层强调，这一增长是在比特币环比下降约 24% 的情况下实现的，突显了公司多元化收入基础的韧性。</p>
</div><h2>Margins and Profitability Expansion</h2>
<div class="lb-trans"><h2>利润率和盈利能力扩张</h2>
</div><p>Profitability improved markedly, with adjusted EBITDA reaching $35.1 million and a margin of around 38%, up from 21% a year ago. Adjusted net income climbed to $20.3 million, or $0.13 per adjusted diluted share, reflecting a roughly 72% contribution margin year over year and demonstrating operating leverage even in a tougher market.</p>
<div class="lb-trans"><p>盈利能力显著改善，调整后 EBITDA 达到 3510 万美元，利润率约为 38%，高于一年前的 21%。调整后净收入攀升至 2030 万美元，或每股调整后摊薄收益 0.13 美元，反映出同比约 72% 的贡献利润率，并在更艰难的市场中展现出经营杠杆。</p>
</div><h2>Transformative Equiniti Acquisition</h2>
<div class="lb-trans"><h2>变革性的 Equiniti 收购</h2>
</div><p>The centerpiece of the call was Bullish’s $4.2 billion deal to acquire Equiniti, funded by about $2.35 billion in new shares and the assumption of $1.85 billion in debt. Equiniti serves nearly 3,000 issuers, including more than half of the FTSE 100 and over 30% of the S&amp;P 500, and processes over $0.5 trillion in payments annually, giving Bullish a powerful registry and shareholder‑services backbone.</p>
<div class="lb-trans"><p>此次电话会议的核心是 Bullish 以 42 亿美元收购 Equiniti 的交易，资金来源于约 23.5 亿美元的新股和 18.5 亿美元的债务假设。Equiniti 为近 3000 家发行人提供服务，包括超过一半的 FTSE 100 和超过 30% 的 S&amp;P 500，每年处理超过 0.5 万亿美元的支付，为 Bullish 提供了强大的注册和股东服务基础。</p>
</div><h2>Exchange &amp; Derivatives Execution</h2>
<div class="lb-trans"><h2>交易和衍生品执行</h2>
</div><p>Bullish’s trading franchise continued to scale, with $11.6 billion of options volume in Q1 and a 14% share of global Bitcoin options open interest. The platform is now the second‑largest exchange for Bitcoin options worldwide and set a single‑day volume record of $858 million in April, signaling deepening liquidity and client engagement.</p>
<div class="lb-trans"><p>Bullish 的交易业务持续扩展，第一季度期权交易量达到 116 亿美元，占全球比特币期权未平仓合约的 14%。该平台现在是全球第二大比特币期权交易所，并在四月份创下了 8.58 亿美元的单日交易量记录，标志着流动性和客户参与度的加深。</p>
</div><h2>Regulatory Progress &amp; Licensing Roadmap</h2>
<div class="lb-trans"><h2>监管进展和许可路线图</h2>
</div><p>Management outlined an aggressive licensing push, having filed for futures and clearinghouse approvals and preparing a broker‑dealer application. They expect to secure trading licenses across the U.S. and Europe before the end of 2026 and described regulator conversations as constructive, noting that comparable clearing approvals have been achieved in under a year.</p>
<div class="lb-trans"><p>管理层概述了积极的许可推进，已申请期货和清算所的批准，并准备了经纪交易商的申请。他们预计在 2026 年底之前将在美国和欧洲获得交易许可证，并表示与监管机构的对话是建设性的，指出类似的清算批准在一年内就已实现。</p>
</div><h2>Digital Media &amp; Benchmark Wins</h2>
<div class="lb-trans"><h2>数字媒体和基准胜利</h2>
</div><p>CoinDesk delivered strong validation of Bullish’s media and index strategy, with total page views up 30% quarter over quarter and monthly unique visitors rising about 60%. Its index unit scored a marquee win as benchmark provider for Morgan Stanley’s BTC ETP, which quickly amassed more than $220 million in assets soon after its April launch.</p>
<div class="lb-trans"><p>CoinDesk 对 Bullish 的媒体和指数战略给予了强有力的验证，总页面浏览量环比增长 30%，每月独立访客数量增长约 60%。其指数部门作为摩根士丹利 BTC ETP 的基准提供商获得了重要胜利，该产品在四月推出后迅速积累了超过 2.2 亿美元的资产。</p>
</div><h2>Event &amp; Demand Validation</h2>
<div class="lb-trans"><h2>事件和需求验证</h2>
</div><p>Bullish’s Consensus conferences in Hong Kong and Miami attracted over 26,000 attendees from more than 100 countries, reinforcing its brand as a hub for digital‑asset ecosystems. Miami ticket sales more than doubled versus Toronto, and management reported significant inbound interest from issuers, financial institutions, and regulators following the Equiniti announcement.</p>
<div class="lb-trans"><p>Bullish 在香港和迈阿密的共识会议吸引了来自 100 多个国家的超过 26,000 名与会者，进一步巩固了其作为数字资产生态系统中心的品牌。迈阿密的门票销售比多伦多增长了两倍，管理层报告称，在 Equiniti 宣布后，发行人、金融机构和监管机构的来电兴趣显著增加。</p>
</div><h2>Reaffirmed 2026 Guidance and Medium-Term Targets</h2>
<div class="lb-trans"><h2>重申 2026 年指导和中期目标</h2>
</div><p>The company reaffirmed its 2026 combined guidance, projecting pre‑synergy adjusted revenue of $1.25–$1.35 billion and adjusted EBITDA less CapEx of $490–$530 million, with adjusted net income of $270–$290 million. Medium‑term goals include 6–8% annual revenue growth, $25–$50 million of net cost reductions, about $100 million of annual EBITDA less CapEx growth, roughly $1 billion of free cash flow, and an exit‑2029 margin near 50%.</p>
<div class="lb-trans"><p>公司重申了 2026 年的综合指导，预计协同效应调整后的收入为 12.5 亿至 13.5 亿美元，调整后 EBITDA 减去资本支出为 4.9 亿至 5.3 亿美元，调整后净收入为 2.7 亿至 2.9 亿美元。中期目标包括每年 6% 至 8% 的收入增长、2500 万至 5000 万美元的净成本削减、约 1 亿美元的年度 EBITDA 减去资本支出增长、约 10 亿美元的自由现金流，以及到 2029 年接近 50% 的利润率。</p>
</div><h2>Digital Asset Price Headwinds</h2>
<div class="lb-trans"><h2>数字资产价格的阻力</h2>
</div><p>Despite the upbeat topline, management acknowledged that macro conditions are a drag, with Bitcoin down roughly 24% quarter over quarter and many tokens falling even more. These declines are pressuring transaction volumes and stablecoin‑linked revenues, reminding investors that Bullish remains exposed to crypto market cycles even as it diversifies.</p>
<div class="lb-trans"><p>尽管收入表现乐观，管理层承认宏观条件是一个拖累，比特币环比下降约 24%，许多代币的跌幅甚至更大。这些下跌对交易量和与稳定币相关的收入造成压力，提醒投资者 Bullish 在多元化的同时仍然暴露于加密市场周期。</p>
</div><h2>Sequential Net Income Pressure and Expense Increase</h2>
<div class="lb-trans"><h2>连续净收入压力和支出增加</h2>
</div><p>On a sequential basis, adjusted net income slipped to $20.3 million from $28.9 million in Q4 2025 as spending climbed. Adjusted operating expenses rose to $57.7 million from $48.1 million, and management warned that Q2 will be the peak spending quarter due to large events and stepped‑up investments.</p>
<div class="lb-trans"><p>在连续基础上，调整后净收入从 2025 年第四季度的 2890 万美元下降至 2030 万美元，支出增加。调整后运营费用从 4810 万美元上升至 5770 万美元，管理层警告称，由于大型活动和加大投资，第二季度将是支出高峰季度。</p>
</div><h2>One-Time &amp; Investment-Related Cost Pull-Forward</h2>
<div class="lb-trans"><h2>一次性和投资相关成本提前支出</h2>
</div><p>Roughly $7 million of extra Q1 costs were tied to Consensus Hong Kong, with about $2.5 million more from strategic investments, including AI tools and targeted performance awards. Management signaled that spending will remain elevated through 2026 as they accelerate their tokenization platform, effectively pulling forward investment to capture what they see as a critical market window.</p>
<div class="lb-trans"><p>约 700 万美元的额外第一季度成本与香港共识会议相关，约 250 万美元来自战略投资，包括人工智能工具和针对性绩效奖励。管理层表示，随着他们加速代币化平台的建设，支出将在 2026 年保持高位，实际上是提前进行了投资，以抓住他们认为是关键的市场窗口。</p>
</div><h2>Selective Revenue Contraction from Contract Exits</h2>
<div class="lb-trans"><h2>选择性收入收缩来自合同退出</h2>
</div><p>Bullish also chose to exit legacy liquidity service contracts dating back to 2023, which created short‑term revenue pressure in its services segment. As a result, the SS&amp;O line was roughly flat quarter over quarter despite strong events activity, with executives framing the move as pruning low‑quality revenue in favor of higher‑margin, strategic relationships.</p>
<div class="lb-trans"><p>Bullish 还选择退出自 2023 年以来的传统流动性服务合同，这在其服务部门造成了短期收入压力。因此，尽管活动强劲，SS&amp;O 线环比基本持平，高管们将这一举措视为修剪低质量收入，以支持更高利润率的战略关系。</p>
</div><h2>Deal Execution &amp; Integration Risks</h2>
<div class="lb-trans"><h2>交易执行和整合风险</h2>
</div><p>The Equiniti acquisition carries execution risk, as the transaction still requires multiple regulatory approvals and is slated to close in January 2027. Management cautioned that integration could prove complex and that expected benefits might take time or fall short, signaling that investors should watch the closing process and synergy delivery closely.</p>
<div class="lb-trans"><p>Equiniti 的收购存在执行风险，因为该交易仍需获得多个监管批准，预计将在 2027 年 1 月完成。管理层警告称，整合可能会很复杂，预期的收益可能需要时间才能实现或可能未能达到，暗示投资者应密切关注交易完成过程和协同效应的交付。</p>
</div><h2>Higher Leverage from Debt Assumption</h2>
<div class="lb-trans"><h2>通过债务承担提高杠杆</h2>
</div><p>By assuming $1.85 billion of Equiniti’s debt, Bullish will materially increase its leverage profile until synergies and cost cuts flow through. Management argued that Equiniti’s sticky client base and high retention justify the balance‑sheet expansion, but the added debt raises financial risk in the interim, especially if macro conditions or integration timelines deteriorate.</p>
<div class="lb-trans"><p>通过承担 18.5 亿美元的 Equiniti 债务，Bullish 将显著提高其杠杆水平，直到协同效应和成本削减显现。管理层认为，Equiniti 的客户基础稳定且高留存率证明了资产负债表扩张的合理性，但增加的债务在过渡期间提高了财务风险，尤其是在宏观经济条件或整合时间表恶化的情况下。</p>
</div><h2>Timing &amp; Sales Cycle for U.S. Enterprise Adoption</h2>
<div class="lb-trans"><h2>美国企业采用的时机与销售周期</h2>
</div><p>Bullish emphasized that large U.S. institutions and issuers are subject to lengthy diligence and compliance processes, stretching out sales cycles for tokenization solutions. While inbound interest has been strong, particularly post Equiniti announcement, management conceded that the adoption curve is uncertain and that revenue ramp‑up could be uneven.</p>
<div class="lb-trans"><p>Bullish 强调，大型美国机构和发行者面临漫长的尽职调查和合规流程，这延长了代币化解决方案的销售周期。尽管在 Equiniti 公告后，客户的兴趣强烈，管理层承认采用曲线仍不确定，收入增长可能会不均匀。</p>
</div><h2>Revenue Sensitivity to Rates and Stablecoin Activity</h2>
<div class="lb-trans"><h2>收入对利率和稳定币活动的敏感性</h2>
</div><p>The company also flagged sensitivity to interest‑rate dynamics and stablecoin activity, noting a roughly 10% impact on some stablecoin‑related revenues from recent rate movements. Broader macro pressures could further weigh on these revenue lines, adding another variable to near‑term performance even as the company builds for the long term.</p>
<div class="lb-trans"><p>公司还指出对利率动态和稳定币活动的敏感性，提到近期利率变动对某些稳定币相关收入的影响约为 10%。更广泛的宏观压力可能进一步影响这些收入，增加了短期表现的变数，即使公司在为长期发展做准备。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>Looking ahead, Bullish reiterated confidence in its 2026 and medium‑term targets while warning that operating expenses will land between the midpoint and upper end of prior guidance, with Q2 as the high‑water mark. Management expects the combination of Equiniti scale, regulatory progress, cost reductions, and continued exchange growth to support rising cash generation over the coming years, even as they navigate regulatory timing and market volatility.</p>
<div class="lb-trans"><p>展望未来，Bullish 重申对其 2026 年及中期目标的信心，同时警告运营费用将在之前指导的中点和上限之间，第二季度将是高点。管理层预计，Equiniti 的规模、监管进展、成本降低和持续的交易所增长将支持未来几年的现金生成增长，即使他们在应对监管时机和市场波动。</p>
</div><p>Bullish’s earnings call painted a picture of a company aggressively investing into strength, leveraging robust growth and expanding margins to fund a bold expansion into tokenization and traditional issuer services. For investors, the story hinges on whether management can execute the Equiniti integration, manage higher leverage, and weather crypto and macro swings long enough to realize the sizable upside they have outlined.</p>
<div class="lb-trans"><p>Bullish 的财报电话会议描绘了一幅公司积极投资于优势的图景，利用强劲的增长和扩大的利润率来资助大胆的代币化和传统发行服务扩展。对于投资者而言，故事的关键在于管理层能否成功整合 Equiniti，管理更高的杠杆，并在加密货币和宏观波动中坚持足够长的时间，以实现他们所描绘的可观上行空间。</p>
</div>

Bullish Bets Big on Growth After Strong Quarter

Tip Ranks

Bullish

Leverage Shares 2X Long BLSH Daily ETF

Equiniti Group Plc

标普 500 指数

摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Bullish 在强劲的季度业绩后大举押注增长