Q1 2026 Bullish Earnings Call Transcript

May 14, 2026 / 12:30 PM GMT

Release Date Price: $39.46 (-5.62%)

Transcript

Key Points

Positve

Bullish (BLSH) announced a transformative acquisition of Equinity for $4.2 billion, positioning itself as a leader in tokenization services.
The company reported a significant year-over-year increase in total adjusted revenue by 49%, reaching $92.8 million in Q1 2026.
Bullish (BLSH) achieved a 38% adjusted EBITDA margin, reflecting strong operational efficiency.
The company's exchange business gained traction, with $11.6 billion in options market volume, making it the #2 exchange globally for Bitcoin options.
Bullish (BLSH) is expanding its regulatory licenses, aiming to facilitate trading of securities in both the U.S. and Europe by the end of 2026.

Negative

The acquisition of Equinity is subject to regulatory approvals, which introduces uncertainty regarding the completion and integration of the transaction.
Despite revenue growth, the company faced macroeconomic headwinds, including a 24% quarter-over-quarter decline in Bitcoin prices.
Adjusted operating expenses increased significantly, partly due to investments in artificial intelligence and promotional activities.
The company anticipates higher operating expenses in Q2 2026, driven by event-related costs, which may impact profitability.
There is uncertainty around the adoption rate of tokenization by issuers, which could affect the realization of anticipated benefits from the Equinity acquisition.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BLSH.N - Bullish
Q1 2026 Bullish Earnings Call
May 14, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. At this time, I would like to welcome everyone to the Bullish Global First Quarter 2026 Earnings Call and Q&A.

All lines have been placed on mute to prevent any background noise.

After the speaker's remarks, there will be a question-and-answer session.

Today, we ask you to limit to one question.

If you would like to ask a question during this time, simply press followed by the number 1 on your telephone keypad.

If you would like to withdraw your question, press when again.

Thank you. I would now like to turn the call over to Michael Fedeli, Vice President of Finance. You may begin.

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