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Crypto

U.S. crypto exchanges post weak results as losses widen

U.S. crypto exchange Bullish reported first-quarter results below market expectations, sending its shares lower, Cointelegraph reported. Adjusted revenue rose to $92.8 million but missed estimates, while net loss widened to $604.9 million. Bullish cited a weak crypto market in the quarter. It told investors a $4.2 billion acquisition of Equiniti would help it offer regulated transfer agent services and end-to-end tokenisation infrastructure. Rival exchanges Gemini and Coinbase also posted revenue misses and losses.

Crypto

Bullish to acquire Equiniti, integrate shareholder management and tokenisation platform

Crypto exchange Bullish will acquire global transfer agent Equiniti from private equity firm Siris for $4.2 billion, The Block reported on May 5. Transfer agents officially record and manage ownership transfers of securities such as stocks and bonds. Equiniti processes $500 billion in annual payments and holds shareholder data on 20 million people. Bullish said it will combine its blockchain issuance and compliance services with Equiniti’s shareholder record system.