Bullish posts $605M Q1 loss, to buy Equiniti for $4.2B

Bullish reported a net loss of $604.9 million for the first quarter ended March 31, 2026, and adjusted revenue of $92.8 million. The company also announced a definitive agreement to acquire transfer agent Equiniti for $4.2 billion.

Adjusted revenue missed the $94.1 million analyst consensus. Revenue from subscriptions and services fell to $54.8 million from $57.6 million a year earlier. The company attributed part of the shortfall to seasonality related to industry events.

Net losses widened from $348.6 million in the year-ago quarter and increased from a $563.6 million loss in the prior quarter. Unrealized losses on the company’s digital asset holdings contributed $559 million to the quarter’s results. Bullish reported it held about $2.3 billion in crypto assets at quarter end and noted lower digital-asset prices affected results.

Under the $4.2 billion agreement, Bullish will acquire Equiniti from Siris Capital through a mix of assumed debt and stock consideration. Equiniti operates as a global transfer agent and serves as the system of record for nearly 3,000 public companies, managing shareholder relationships and record-keeping.

Bullish reported $11.6 billion in Bitcoin options volume for the quarter and said it has become the second-most used exchange for Bitcoin options. The company stated it has applied for the Commodity Futures Trading Commission licenses needed to expand its options business in the U.S.

Shares fell sharply at the market open following the release before recovering most of the decline later in the session. The stock traded modestly down on the day from the prior close; when Bullish listed on the New York Stock Exchange in August, shares closed at $69.54.

CEO Tom Farley expressed he was “pleased” with the first-quarter results and pointed to the Equiniti transaction as a way to support the company’s push into tokenized securities.

Company filings and management commentary describe a strategy combining trading services, custody and tokenized securities. Bullish reported that events in the first and second quarters drew more than 26,000 attendees and indicated it will pursue acquisitions and regulatory approvals to expand its product set and geographic reach.