Bullish posts $604.9M Q1 loss; eyes Equiniti for tokenization

Bullish reported a $604.9 million net loss for the first quarter of 2026, nearly double the loss recorded in Q1 2025. Adjusted revenue increased to $92.8 million from $62.4 million a year earlier. Adjusted net income rose to $20.3 million from $2.1 million, and adjusted EBITDA reached $35.1 million versus $13.2 million in Q1 2025.

The company attributed most of the reported loss to non-cash items, primarily changes in the fair value of its digital asset holdings. On an adjusted basis, Bullish showed advances in several core metrics even as some operational measures weakened. Adjusted transaction revenue declined to $38.0 million from $42.0 million, and digital asset sales fell to $51.8 billion from $80.2 billion.

Derivatives activity expanded during the quarter. Bullish reported $11.6 billion in bitcoin options trading volume and an options open interest representing about 14% of the market's open interest. The firm holds roughly 24,300 BTC in its corporate treasury.

Bullish has filed for designated contract market and derivatives clearing organization licenses in the U.S. and is pursuing a roughly $4.2 billion acquisition of Equiniti. Management described the acquisition as adding tokenization capabilities, a unified transfer agent ledger and deeper issuer relationships to broaden revenue sources beyond spot trading and asset sales.

Tom Farley, chief executive officer, commented on the quarter and the proposed purchase: “We're pleased with our Q1 results and we're even more excited about what comes next. With the proposed acquisition of Equiniti, we will have all three elements required to become a powerhouse leading the blockchain era: end-to-end tokenization services, a unified transfer agent ledger, and broad blue-chip issuer relationships.”

Shares reacted with early volatility. The stock fell as low as $36.50 after the report, more than 11% below the prior session's close of $41.22, opened near $37 and later traded around $41.30 on elevated volume.

Bullish completed its initial public offering in August 2025, pricing 30 million shares at $37. The stock initially rose above $74, moved down to about $25 in early February 2026 and has trended upward since, according to company trading data.