Bullish reported adjusted Q1 revenue of $92.8M versus $94.1M expected, driven by weaker subscriptions and services ($54.8M vs $57.6M). The company posted a $604.9M loss (widened from $348.6M a year earlier), including $559M in unrealized crypto losses, and holds about $2.3B in digital assets. Bullish reported $11.6B in options trading volume, is the second-largest Bitcoin options venue behind Deribit, and has applied for U.S. CFTC licenses to expand options trading. CEO Tom Farley proposed a $4.2B acquisition of Equiniti to support tokenization efforts. Shares fell after the open but recovered most losses; Citi and Compass Point attributed the subscription miss to seasonality around crypto conferences (Bullish-owned CoinDesk hosted Consensus).

Q1 revenue missed expectations ($92.8M vs $94.1M) and subscriptions/services were lower; company posted a $604.9M loss (widening year-over-year) that included $559M in unrealized crypto losses despite holding $2.3B in digital assets. The report and large unrealized markdowns caused shares to dip intraday; the company also disclosed significant options volume ($11.6B), status as the second-largest Bitcoin options venue, and CFTC license applications—concrete, market-moving facts for traders.