A strong foundation for success.
A Diversified, Recurring Revenue Engine
Bullish has evolved from a transaction-driven exchange into a diversified infrastructure business. Subscription, Services & Other revenue represented 59% of total adjusted revenue in Q1 2026, compared with 33% a year earlier, reflecting a continued shift toward more recurring revenue that we believe can help reduce sensitivity to crypto-market cycles over time.
A growing recurring base. Data, indices, media, events and liquidity services contribute recurring revenue that can build across market conditions. Performance across conditions.
Performance across conditions. In Q1 2026, Bullish grew adjusted revenue year-over-year even as Bitcoin traded below the prior quarter’s average price.
A Market-Leading Regulated Exchange
Bullish operates one of the world’s leading regulated digital asset exchanges, uniting a single global order book, proprietary automated market makers and one unified account across spot and derivatives, engineered for the reliability and depth institutions demand.
Leadership in spot. Bullish holds leading regulated market share across major pairs, including Bitcoin, Ether and top dollar stablecoins.
A growing derivatives franchise. Bullish’s Bitcoin options business has grown quickly since launch in Q4 2025; as of Q1 2026 it ranked #2 globally by open interest.
The Global Tokenization Leader
Bullish’s pending acquisition of Equiniti, subject to regulatory approval, positions it to become the first global platform purpose-built to tokenize the world’s securities: a $270 trillion market. The combination would pair a regulated transfer agent, the authority that assigns legal title, with a complete, end-to-end tokenization stack.¹
The token is the share. A transfer agent can write legal ownership of the security directly onto the blockchain, making Bullish’s issuer-sponsored tokens true securities, not synthetic receipts.
Built-in scale. On completion of the transaction (expected January 2027), Equiniti would add nearly 3,000 corporate issuers and ~20M verified shareholders to Bullish, delivering a captive base for Bullish to lead tokenized adoption from day one.
An Integrated Ecosystem That Compounds
Bullish is an integrated market infrastructure platform. Its exchange, liquidity services, CoinDesk media, Consensus events, proprietary indices and transfer agent infrastructure subject to regulatory approval of Bullish’s pending acquisition of Equiniti form a reinforcing ecosystem with each business feeding demand, data, and distribution to the others.
A powerful cross-sell flywheel. Clients who trade on our exchange also tap into our data products. Clients that value our liquidity services also leverage our visibility or trading capabilities. We are expanding revenue per customer across the platform.
The industry’s trusted voice. CoinDesk is a market-leading digital asset media platform, and Consensus is the sector’s premier event, drawing 26,000+ attendees from more than 100 countries.
Regulatory-First Credibility & Proven Leadership
Trust is Bullish’s foundation. The company holds some of the most demanding licenses in the industry across the United States, European Union (through Germany), United Kingdom, and Asia, and is led by a management team with deep capital-markets pedigree, including a CEO who previously ran the New York Stock Exchange.
A widening regulatory moat. Authorizations span across regulators including BaFin in the EU, the Hong Kong SFC, Gibraltar’s GFSC, New York’s NYDFS, and the US’s SEC with US CFTC derivatives applications on file.
Institutional pedigree. A leadership team that has built, integrated, and run some of the world's largest, most institutionally focused market-infrastructure businesses.
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1 Transaction & forward-looking statement disclaimer
The proposed acquisition of Equiniti has not closed and remains subject to regulatory approvals and customary closing conditions; it is expected to close in January 2027 and may not be completed on the anticipated timeline or at all. This page contains forward-looking statements — including statements regarding the proposed acquisition and its expected benefits, the tokenization opportunity, and future financial performance — that involve known and unknown risks and uncertainties, and actual results may differ materially. Bullish undertakes no obligation to update any forward-looking statement except as required by law. Please refer to Bullish’s filings with the U.S. Securities and Exchange Commission for additional information.
