DigitalToday reporter Chi-gyu Hwang reported that U.S. crypto exchange Bullish posted first-quarter results that missed market forecasts, sending its shares lower, Cointelegraph reported on Thursday.

Bullish said adjusted revenue for the quarter ended March 31 was $92.8 million. That was up from $62.4 million a year earlier but missed Wall Street estimates of $95.4 million. Adjusted earnings per share were $0.13, below forecasts of $0.17. Net loss widened to $604.9 million from $348.6 million a year earlier.

Bullish posted weak results amid a downturn in the crypto market from January to March. Bitcoin fell 24 percent over the period, based on CoinGecko data. Bullish shares have fallen 43 percent since listing in August last year, but are up 4.2 percent so far this year.

Bullish recently told investors it could provide regulated transfer agent services and end-to-end tokenisation infrastructure through a $4.2 billion acquisition of Equiniti. It said it is the No. 2 exchange in the bitcoin options market.

Tom Farley (톰 팔리), Bullish's chief executive, said that once the Equiniti acquisition is completed, the company will have three elements needed to become a key operator leading the blockchain era. He also highlighted end-to-end tokenisation services, an integrated transfer agent ledger and broad relationships with blue-chip issuers.

On the same day, rival exchange Gemini also posted mixed first-quarter results. Gemini's first-quarter revenue was $50.3 million, below estimates, and its net loss of $109 million was larger than expected. Coinbase also reported first-quarter revenue of $1.41 billion last week, missing forecasts of $1.5 billion. Net loss was $394.1 million, marking a second straight quarterly loss.