The crypto trading platform Bullish has reported a net loss of $604.9 million for the first quarter of 2026, as a slowdown in digital asset trading hit its financial performance. The company’s adjusted revenue came in at $92.8 million, falling short of the $94.9 million forecast by analysts.
This quarterly loss, equating to $3.85 per share, marks a significant decline compared to the same period last year. The disappointing results were accompanied by an adjusted EBITDA of $35.1 million, which also underperformed, missing the anticipated $38 million target.
Following the earnings announcement, Bullish shares dropped by 7.9% in pre-market trading, settling at $38.51 per share. This negative investor reaction reflects growing concerns about decreasing trading volumes across the crypto industry, which has put pressure on exchange revenues.
The broader crypto market has seen a cooling in trading activity, despite ongoing institutional interest in products linked to major cryptocurrencies like Bitcoin and Ethereum. This trend has impacted platforms like Bullish, which focuses on institutional trading infrastructure and also owns CoinDesk. The company faces stiff competition from other centralized exchanges and decentralized trading venues.
In response to the current market conditions, exchanges have been investing heavily in derivatives and stablecoin settlement systems. Institutional players, meanwhile, remain focused on building long-term crypto infrastructure, as seen with Coinbase’s recent launch of a Bitcoin yield fund for international investors. However, Bullish has not provided guidance on whether trading conditions are expected to improve in the coming quarters, highlighting the dependency of exchange revenues on sustained market activity and volatility.