Bullish (BLSH), the cryptocurrency platform, reported first-quarter adjusted revenue of $92.8 million, missing analyst expectations of $94.9 million. The decline in revenue was primarily due to reduced digital asset trading activity, which has affected the broader crypto market. Bullish also reported a significant net loss of $604.9 million, or $3.85 per diluted share, compared to a loss of $348.6 million a year earlier. The company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) rose to $35.1 million, but still fell short of the expected $38 million. In response to these results, Bullish shares dropped 7.9% in pre-market trading. The decline in trading activity is consistent with trends seen at other firms, including Coinbase, which reported a loss of $1.49 per share, and Robinhood, which saw a 47% drop in crypto-related revenue. To bolster its position, Bullish is acquiring Equiniti, a transfer agent and shareholder services firm, for $4.2 billion, aiming to expand into regulated tokenized securities. An investor call is scheduled for 8:30 AM ET to discuss these developments.