Bullish · Q1 2026 earnings

Briefing

Bullish reported $92.8M adjusted Q1 revenue and $35.1M adjusted EBITDA while IFRS net loss widened to $604.9M on digital asset remeasurements.

Bullish posted Q1 2026 adjusted revenue of $92.8 million (+49% YoY) and adjusted EBITDA of $35.1 million, driven by its institutional digital asset exchange and CoinDesk information services. IFRS net loss was $604.9 million ($3.85 per diluted share), reflecting mark-to-market digital asset remeasurements excluded from adjusted metrics. Digital asset sales volume on the exchange reached $51.8 billion and Bullish Options trading volume hit $11.6 billion with 14% open interest market share in April. Management signed a definitive agreement to acquire Equiniti for $4.2 billion and re-affirmed full-year 2026 non-IFRS guidance.

• Adjusted revenue $92.8M (+49% YoY) and adjusted EBITDA $35.1M vs $13.2M prior year.
• IFRS net loss $(604.9)M ($(3.85) diluted EPS); adjusted net income $20.3M.
• Exchange digital asset sales $51.8B; options trading volume $11.6B with #2 BTC options position.
• Signed definitive agreement to acquire Equiniti for $4.2B to build integrated tokenization and transfer agent platform.
• Re-affirmed FY2026 subscription/services revenue $220–250M and adjusted opex $210–230M.

Headline financials

Revenue & EPS history

Management re-affirmed full-year 2026 guidance: subscription, services and other revenue (non-IFRS) of $220–250M, adjusted operating expenses of $210–230M, and finance expense of $52–60M.