Bullish Q1 Performance Below Expectations: Adjusted Revenue at $92.8 Million, Trading Revenue Declines Year-on-Year

On May 14, the U.S.-listed cryptocurrency trading platform Bullish (BLSH) announced its Q1 performance, reporting adjusted revenue of $92.8 million, which fell short of analysts’ expectations of $94.9 million. The adjusted EBITDA was $35.1 million, showing a year-on-year increase but still below the expected $38 million. The company recorded a net loss of $604.9 million, with a loss per share of $3.85, widening year-on-year, primarily due to weak trading activity in cryptocurrency assets at the beginning of the quarter. The decline in trading revenue, coupled with the price correction of assets like Bitcoin, put pressure on overall performance.

BLSH-5.31%
AT1.21%
ON-7.12%
MAY0.39%
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