The latest financial results of cryptocurrency exchange Bullish (NYSE: $BLSH) have come up short as trading activity on its platform slowed in recent months.
The company, which focuses on institutional investors, reported first-quarter revenue of $92.8 million U.S., which was below Wall Street estimates of $94.9 million U.S.
Bullish also reported a net loss of -$3.85 U.S. per share compared with a loss of -$3.04 U.S. a share a year earlier.
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Management said the crypto exchange struggled in Q1 as Bitcoin’s (CRYPTO: $BTC) price fell to a multiyear low of $60,000 U.S. Other digital assets also saw their price fall sharply.
Other crypto exchanges such as Coinbase Global (NASDAQ: $COIN) and Robinhood Markets (NASDAQ: $HOOD) also missed their first-quarter earnings targets due to the “crypto winter.”
The latest earnings print comes a week after Bullish announced plans to acquire transfer agent and shareholder services firm Equiniti for $4.2 billion U.S.
The Equiniti purchase aims to expand the company’s push into tokenized securities and give Bullish a regulated transfer agent business.
Prior to today (May 14), BLSH stock had declined 40% since its initial public offering in August of last year to trade at $41.81 U.S. per share.