Bullish (BLSH) stock plummeted 11.53% during Thursday's intraday trading session following the release of its first-quarter 2026 financial results, which fell short of Wall Street expectations across key metrics.

The digital asset platform reported a Q1 GAAP loss per share of $3.85, wider than the loss of $3.04 per share in the year-ago period and missing the average analyst estimate. Adjusted revenue of $92.8 million trailed the consensus estimate of approximately $94.2 million, while adjusted EBITDA of $35.1 million came in below the expected $38.5 million. The company also posted higher-than-expected operating expenses for the quarter.

Underlying the earnings miss was a significant decline in digital asset sales, which fell to $51.8 billion from $80.2 billion in the prior-year period. Adjusted transaction revenue decreased 9.5% year-over-year, reflecting broader industry challenges including weaker digital asset prices and reduced trading activity. Despite reaffirming its full-year 2026 guidance and highlighting its planned $4.2 billion acquisition of Equiniti, investors focused on the disappointing quarterly performance.