AcquisitionsMay 14, 2026, 06:46 AM
Bullish to Acquire Equiniti for $4.2B; Q1 Adjusted Revenue $92.8M
AI Summary
Bullish announced a definitive agreement to acquire Equiniti for $4.2 billion, aiming to create a fully integrated blockchain-enabled issuer services provider. For Q1 2026, the company reported a net loss of $(604.9) million, but saw adjusted revenue increase to $92.8 million and adjusted EBITDA rise to $35.1 million. Bullish Options Trading volume grew to $11.6 billion, achieving 14% market share in April 2026.
Key Highlights
- Signed definitive agreement to acquire Equiniti for $4.2 billion.
- Q1 2026 Net loss was $(604.9) million, compared to $(348.6) million in Q1 2025.
- Q1 2026 Adjusted revenue increased to $92.8 million from $62.4 million YoY.
- Q1 2026 Adjusted EBITDA rose to $35.1 million from $13.2 million YoY.
- Bullish Options Trading volume reached $11.6 billion, with 14% market share in April.
- Re-affirmed full year 2026 guidance for subscription, services & other revenue of $220M-$250M.
- Filed for futures and options exchange and clearinghouse licenses in the United States.