Shares of U.S. crypto exchange Bullish fell on Thursday after the company's first-quarter financial report came in below analyst expectations. Adjusted revenue for the quarter ending March 31 was $92.8 million, which, while an increase from $62.4 million the previous year, fell short of the $95.4 million forecasted by Wall Street. This is reported by Cointelegraph.com .
The company reported a net loss of $604.9 million, significantly higher than the $348.6 million loss in the same period last year. Adjusted earnings per share were 13 cents, missing forecasts of 17 cents. According to CoinGecko, the 24% decline in Bitcoin's value from January to March negatively impacted the overall crypto market situation.
At the close of trading on Thursday, Bullish (BLSH) shares fell 5.6% to $39.46, though a 1% gain was observed in after-hours trading. While the company's shares have lost 43% since their stock market debut in August, they have recorded a 4.2% increase year-to-date.
Bullish management plans to become a leader in the blockchain sector by acquiring Equiniti for $4.2 billion. According to CEO Tom Farley, this acquisition will help develop tokenization services and transfer agent infrastructure. Currently, other major crypto exchanges like Coinbase and Gemini are also reporting results below quarterly forecasts.
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