Bullish reports first quarter 2026 results
CAYMAN ISLANDS--( BUSINESS WIRE)--Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced financial results for the first quarter ended March 31, 2026.
Tom Farley, CEO: “We're pleased with our Q1 results and we're even more excited about what comes next. With the proposed acquisition of Equiniti, we will have all three elements required to become a powerhouse leading the blockchain era: end-to-end tokenization services, a unified transfer agent ledger, and broad blue-chip issuer relationships.”
Q1 2026 Financial Highlights
All amounts compared to Q1 2025
Q1 2026 Key Business Metrics
Business Highlights
Re-Affirming Full Year 2026 Guidance
Management is re-affirming the following guidance for the full year 2026:
Conference Call Webcast and Q&A Information
Bullish will host a call to discuss its results at 8:30 a.m. ET on May 14, 2026. The live webcast can be accessed at investors.bullish.com, along with supplemental slides. Following the call, a replay and transcript will be available at investors.bullish.com.
About Bullish
Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.
Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.
Use of Websites to Distribute Material Company Information
We use the Bullish Investor Relations website ( investors.bullish.com) and our X account ( x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.
Non-IFRS financial measures and key performance indicators
This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, services and other revenue,” “adjusted revenue,” “adjusted net income / (loss)” and “adjusted EBITDA,” “gross liquid assets” and “net liquid assets”, and “adjusted operating expense.” These non-IFRS financial measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. We believe these non-IFRS financial measures provide useful information to management and investors regarding certain financial and business trends. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments about which items of expense and income are excluded or included in determining these non-IFRS financial measures. Refer to the section “Reconciliation of Non-IFRS Measures” for further details and a reconciliation of the non-IFRS financial measures presented to their most directly comparable IFRS financial measures.
This communication also provides our forward-looking “adjusted transaction revenue,” “subscription, services & other revenue,” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” guidance for the upcoming fiscal quarter. Information reconciling upcoming fiscal quarter “adjusted transaction revenue,” “subscription, services & other revenue,” “adjusted revenue,” “adjusted operating expense,” “adjusted EBITDA,” and “adjusted net income” to their most directly comparable IFRS financial measures is unavailable to us without unreasonable effort due to the high variability, complexity and lack of visibility in making accurate forecasts and projections to certain reconciling items. These items cannot be reasonably and accurately predicted without the investment of undue time, costs and other resources, and accordingly, no reconciliation of the forward-looking non-IFRS financial measures is included. These reconciling items could be material to our actual results for the period.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “will,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Such statements include, without limitation, statements relating to the acquisition of Equiniti, the future financial or operating performance, business strategy, and potential market opportunity of Bullish, Equiniti or the combined companies; our expected financial or operating performance, including for the upcoming fiscal quarter; our business strategy and potential market opportunities; current and prospective products, services or acquisitions; trends in, demand for, and growth and market size of, the digital assets industry; the breadth and timing of onchain adoption; expectations regarding relationships with clients and third-party business partners and overall business momentum; our plans and expectations related to tokenization and the growth and adoption of tokenized securities and blockchain technology; competition in our industry; the regulatory and legal environment, including regulatory proceedings or approvals; and general economic and business conditions. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by us, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited to the satisfaction of the conditions to closing the acquisition of Equiniti in the anticipated timeframe or at all; the failure to obtain necessary regulatory approvals; the ability to realize the anticipated benefits of the combination; the ability to successfully integrate the business; litigation or regulatory actions related to the acquisition and combination; disruption from the acquisition and combination and its impact on our ability to grow our business and operations, including in new geographic locations; the costs or expenditures associated therewith; intense competition in our industry, including from unregulated and less-regulated entities and platforms; our ability to execute our business strategy and grow our business and operations, including in new geographic locations; our ability to develop, launch and improve our products and services and their adoption; our ability to attract and retain customers; the evolving rules and regulations applicable to digital assets, tokenization and our products and services; our ability to obtain and maintain regulatory approvals and stay in compliance with laws and regulations, and the costs of doing so; evolution and adoption of digital assets; interest rate fluctuations and digital asset price volatility; changes in, or unexpected, costs to operate our business; cybersecurity risks, including with respect to digital assets custody; disruptions to information and technology systems, blockchain networks and third-party services on which we rely; changes in general market, political or economic conditions; and other risks and uncertainties set forth in the section entitled “Risk Factors” in our 20-F dated March 9, 2026 filed with the Securities and Exchange Commission (“SEC”), as well as potential risks and uncertainties disclosed in our other filings with the SEC. We may not actually achieve the performance, plans, or expectations disclosed in our forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake any duty to update forward-looking statements.
Definitions of Certain Metrics
BULLISH
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(In thousands, except per share data)
Three months ended March 31,
2026
2025
Digital assets sales
$
51,812,747
$
80,236,157
Cost of digital assets derecognized
(51,792,742
)
(80,209,641
)
Other revenues
57,482
20,304
Change in fair value of digital assets held, net
(559,584
)
(246,762
)
Net spread related income and change in fair value of perpetual futures on the Exchange
35
(3,702
)
Change in fair value of investment in financial assets
(92,373
)
(71,810
)
Administrative expenses
(48,280
)
(47,186
)
Other expenses
(45,530
)
(15,063
)
Finance expense
(14,088
)
(10,240
)
Change in fair value of derivatives
69,197
—
Change in fair value of financial liability at FVTPL
8,500
(900
)
Income/(loss) before income tax
$
(604,636
)
$
(348,843
)
Income tax benefit/(expense)
(226
)
(221
)
Net income/(loss)
$
(604,862
)
$
(348,622
)
Attributable to:
Owners of the Group
(581,713
)
(343,994
)
Non-controlling interests
(23,149
)
(4,628
)
Net income/(loss)
$
(604,862
)
$
(348,622
)
Other comprehensive income/(loss)
Items that will not be subsequently reclassified to profit or loss:
Revaluation of digital assets held as investments
(26,636
)
(99,903
)
Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk
14,250
6,050
$
(12,386
)
$
(93,853
)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange differences on translation of foreign operations
(302
)
543
Total comprehensive income/(loss)
$
(617,550
)
$
(441,932
)
Attributable to:
Owners of the Group
(593,903
)
(436,318
)
Non-controlling interests
(23,647
)
(5,614
)
Total comprehensive income/(loss)
$
(617,550
)
$
(441,932
)
Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share
Basic
151,146
113,215
Diluted
151,146
113,215
Earnings/(Loss) per share
Basic
$
(3.85
)
$
(3.04
)
Diluted
$
(3.85
)
$
(3.04
)
BULLISH
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(In thousands)
March 31, 2026
December 31, 2025
ASSETS
Non-current assets
Goodwill
$
62,682
$
63,062
Other intangible assets
30,535
31,104
Property and equipment and right-of-use assets
26,465
28,369
Deferred tax assets
2,995
2,865
Other assets
17,662
21,311
Restricted cash
5,840
5,727
Total non-current assets
$
146,179
$
152,438
Current assets
Digital assets held - inventories
$
142,698
$
206,178
Digital assets held - intangible assets
1,298,611
1,537,071
Digital assets held - financial assets
863,306
1,037,915
Loan and other receivables - digital assets
395,684
446,481
Derivative financial instruments
6,298
—
Investments in financial assets
266,640
404,144
Other assets
55,945
47,502
Customer segregated cash
55,640
20,044
Restricted cash
17,003
16,839
Cash and cash equivalents
76,052
87,892
Total current assets
$
3,177,877
$
3,804,066
Total assets
$
3,324,056
$
3,956,504
LIABILITIES
Non-current liabilities
Borrowings from related parties
$
482,850
$
505,600
Convertible redeemable preference shares
—
—
Digital assets loan payable
4,885
5,267
Lease liabilities
12,817
14,378
Deferred tax liabilities
18
18
Other payables
—
3,000
Total non-current liabilities
$
500,570
$
528,263
Current liabilities
Customer segregated cash liabilities
$
55,640
$
20,044
Borrowings
—
49,982
Digital assets loan payable
334
334
Lease liabilities
6,213
5,524
Other payables
58,092
54,028
Total current liabilities
$
120,279
$
129,912
Total liabilities
$
620,849
$
658,175
Net assets
$
2,703,207
$
3,298,329
EQUITY
Share capital and share premium
$
5,119,254
$
5,110,063
Option premium on convertible redeemable preference shares
—
—
Reserves
390,214
774,224
Accumulated deficit
(2,860,139
)
(2,668,100
)
Total shareholders' equity attributable to the owners of the Group
$
2,649,329
$
3,216,187
Non-controlling interests
53,878
82,142
Total equity
$
2,703,207
$
3,298,329
BULLISH
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(In thousands)
Three months ended
March 31,
2026
2025
Cash flows from operating activities
Net income/(loss)
$
(604,862
)
$
(348,622
)
Adjustments for:
Interest income
(5,686
)
(2,632
)
Debt interest expense
13,777
9,987
Lease interest expense
311
253
Net foreign exchange loss
—
(262
)
Share-based payments expenses
5,603
5,133
Depreciation of property and equipment and right-of-use assets
1,670
1,498
Amortization of other intangible assets
557
616
Impairment of right-of-use asset
591
—
Loss from revaluation of digital assets and other investments in financial assets at FVTPL, net
226,419
176,484
Change in fair value of financial liability at FVTPL
(8,482
)
900
Impairment losses of digital assets
359,209
142,088
Operating cash flows before changes in operating assets and liabilities
(10,893
)
(14,557
)
Decrease/(increase) in other assets
(21,737
)
1,184
Increase in deferred tax assets
(130
)
(268
)
Decrease in digital assets held - inventories
6,005
282,844
Decrease/(increase) in digital assets held - intangible assets
—
—
(Increase) in digital assets held - financial assets
(307,298
)
(264,599
)
Decrease/(increase) in digital assets held - loan receivable
391,604
(3,123
)
(Decrease) in other payables
(4,292
)
(7,438
)
Increase in customer segregated cash liabilities
35,596
216
Increase/(decrease) in digital assets held - customer segregated inventories
—
—
Increase/(decrease) in customer segregated liabilities - digital assets
—
—
Increase in deferred tax liabilities
1
10
Interest received
2,067
2,152
Net cash provided by/(used in) operating activities
90,923
(3,579
)
Cash flows from investing activities
Cash paid for business combinations
—
—
Cash acquired from business combinations
—
—
Purchase of digital assets for liquidation reserve
—
—
Receivable for loans made via margin lending services
—
—
Cash paid for business combinations
—
—
Cash acquired from business combinations
—
—
Purchase of investment in financial assets
(6,449
)
(1,275
)
Proceeds on investment in financial assets
—
—
Cash received from investment in derivative financial instruments
—
—
Cash paid for investment in derivative financial instruments
—
—
Purchase of property and equipment
(412
)
(196
)
Proceeds on disposal of property and equipment
20
—
Purchase of digital assets held - intangible assets
(907
)
(41,491
)
Proceeds on disposal of digital assets held - intangible assets
4,345
30,448
Prepayment on intangible assets
—
—
Net cash used in investing activities
(3,403
)
(12,514
)
Cash flows from financing activities
Proceeds from issuance of ordinary shares
1,349
—
Dividends paid
—
—
Interest paid
(13,777
)
(10,240
)
Proceeds from loans
—
74,300
Repayment of loans
(50,000
)
(49,300
)
Repayment on lease liabilities
(1,126
)
(1,331
)
Net cash provided by/(used in) financing activities
(63,554
)
13,429
Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash
23,966
(2,664
)
Cash and cash equivalents, customer segregated cash and restricted cash at beginning of the period
130,502
55,783
Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash
67
(231
)
Cash and cash equivalents, customer segregated cash and restricted cash at end of the period
$
154,535
$
52,888
Cash and cash equivalents, customer segregated cash and restricted cash consisted of the following:
Customer segregated cash
55,640
6,598
Restricted cash
22,843
17,990
Cash and cash equivalents
76,052
28,300
Total cash and cash equivalents, customer segregated cash and restricted cash
$
154,535
$
52,888
Supplemental schedule of non-cash investing and financing activities
Recognition of right-of-use assets against lease liabilities
—
2,715
Purchase of digital assets held - intangible assets
(3,395,970
)
(12,147,047
)
Proceeds on disposal of digital assets held - intangible assets
3,420,100
11,818,045
Digital asset loan receivables made, net
(514,856
)
32,472
Digital asset pledged as collateral made, net
98,452
84,137
Interest Received in Digital Assets
962
—
Purchase of investment in financial assets via USDC
—
(10,116
)
Prepayment on intangible assets made, net
(7,366
)
—
Non-cash purchase of investment
(6,770
)
—
Non-cash proceeds of sales of investments
120,840
—
Interest paid in digital assets
(4,683
)
—
Proceeds from borrowings via digital assets
966,841
676,959
Repayment from borrowings via digital assets
(962,963
)
(672,758
)
Proceeds from digital assets loan payable via digital assets
154,928
84,554
Repayments from digital assets loan payable via digital assets
(154,224
)
(34,896
)
Proceeds from issuance of Ordinary shares
—
—
Non-IFRS Measures Summarized
In US$ thousands
Three months ended
March 31,
March 31,
($ in thousands)
2026
2025
Non-IFRS Financial Measures
Adjusted transaction revenue
$
38,017
$
42,027
Adjusted revenue
$
92,826
$
62,411
Adjusted EBITDA
$
35,149
$
13,168
Adjusted Net Income
$
20,297
$
2,138
Adjusted Opex
$
57,680
$
49,242
Period ended
March 31,
December 31,
($ in thousands)
2026
2025
Gross Liquid Assets
$
3,042,991
$
3,719,681
Net Liquid Assets
$
2,271,816
$
2,859,701
Reconciliation of Non-IFRS Measures
In US$ thousands
($ in thousands)
Three months ended
March 31,
March 31,
Adjusted Transaction Revenue and Adjusted Revenue
2026
2025
Digital assets sales
$
51,812,747
$
80,236,157
Digital asset sales on venues other than Exchange
—
(303,863
)
Digital asset sales - on our Exchange
$
51,812,747
$
79,932,294
Cost of digital assets derecognized - on our Exchange
(51,792,742
)
(79,905,816
)
Change in fair value of digital assets inventories, arising from purchase of digital assets on our Exchange
15,265
18,688
Transaction income
2,712
563
Net spread related income and change in fair value of perpetual futures
35
(3,702
)
Adjusted Transaction Revenue
$
38,017
$
42,027
Subscriptions and services revenue
54,770
19,741
Change in fair value of investment in financial assets
—
—
Revaluation of digital assets held as investments
39
643
Adjusted Revenue
$
92,826
$
62,411
Adjusted EBITDA and Adjusted Net Income
Income/(loss)
$
(604,862
)
$
(348,623
)
Adjusted to exclude the following:
Digital asset sales on venues other than Exchange
—
(303,863
)
Cost of digital assets derecognized on other venues
—
303,825
Loss/(Gain) from changes in fair value of digital assets inventories net payable to customers
150,924
115,267
Income tax expense
226
(221
)
Finance expenses
14,088
10,240
Employee share-based payment expenses
5,603
5,133
Other share-based payment expenses
15,438
—
Change in fair value of loan and other receivables - digital assets
73,236
21,400
Change in fair value of digital assets loan payable
(280
)
(13,305
)
Change in fair value of derivatives
(69,197
)
—
Change in fair value of financial liability at FVTPL
(8,500
)
900
Change in fair value of investments in financial assets
92,373
71,810
Impairment losses of digital assets held - intangible assets
350,970
142,088
Impairment of right-of-use assets
591
—
Impairment of digital assets
8,239
—
Non-recurring expenses
5,487
7,085
Depreciation and amortization
772
789
Adjusted to include the following:
Revaluation of digital assets held as investments
39
643
Adjusted EBITDA
$
35,149
$
13,168
Finance expenses
(14,088
)
(10,240
)
Depreciation and amortization
(772
)
(789
)
Tax effect of adjusted net income before taxes
8
(1
)
Adjusted Net Income
$
20,297
$
2,138
Note - Figures presented may not sum precisely due to rounding.
Gross and Net Liquid Assets
In US$ thousands
March 31, 2026
December 31, 2025
Digital assets held - inventories
$
142,698
$
206,178
Digital assets held - intangible assets
1,298,611
1,537,071
Digital assets held - financial assets (on Exchange)
135,230
84,993
Digital assets held - financial assets (off Exchange)
728,076
952,922
Loan and other receivable
395,684
446,481
Investments in financial assets
266,640
404,144
Cash and cash equivalents
76,052
87,892
Gross Liquid Assets
$
3,042,991
$
3,719,681
(-) Digital assets held - inventories
$
(142,698
)
$
(206,178
)
(-) Digital assets held - financial assets (on Exchange)
(135,230
)
(84,993
)
(-) Digital assets loan payable
(5,219
)
(5,601
)
(-) Borrowings
—
(49,982
)
(-) Borrowings from related parties
(482,850
)
(505,600
)
(-) Cash on the Exchange
(5,178
)
(7,626
)
Net Liquid Assets
$
2,271,816
$
2,859,701
Note - Figures presented may not sum precisely due to rounding.
Reconciliation of Adjusted Operating Expense
In US$ thousands
($ in thousands)
Three months ended
March 31,
March 31,
IFRS Core Operating Expense to Adjusted Operating Expense
2026
2025
IFRS Core Operating Expense
$
93,810
$
62,249
Adjusted for
Employee stock-based compensation expense
5,603
5,133
Other stock-based compensation expense
15,438
-
Non-recurring expenses - legal and professional fees
4,040
6,047
Non-recurring expenses - compensation and benefits
1,447
1,038
Depreciation and amortization expense
772
789
Impairment of right-of-use assets
591
-
Impairment of digital assets
8,239
-
Adjusted Operating Expense
$
57,680
$
49,242
Note - Figures presented may not sum precisely due to rounding.