Bullish misses Q1 revenue estimates as crypto trading slump hits BLSH hard!

Bullish (BLSH) posted adjusted Q1 revenue of $92.8 million, falling short of the $94.9 million analysts expected, as weaker digital asset trading activity early in the year weighed on results. Adjusted EBITDA came in at $35.1 million — up sharply from $13.2 million a year ago but still below the $38 million consensus. The company reported a net loss of $604.9 million, or $3.85 per diluted share, widening from a $348.6 million loss in the prior-year period. Shares were down roughly 7.9% in pre-market trading at $38.51.

Bullish isn't alone. Coinbase posted a loss of $1.49 per share against expectations for a $0.27 profit, while Robinhood's crypto-related revenue collapsed 47% year over year to $134 million — a sector-wide signal that softer prices crushed trading volumes across the board in Q1.

The one forward-looking bright spot: Bullish agreed to acquire UK transfer agent and…