Crypto exchange Bullish fell short of Wall Street expectations on Thursday, disclosing a first-quarter loss amid disappointing revenue generated beyond customers’ trades.

The company reported adjusted revenue of $92.8 million for the three-month period ended March 31, below analyst expectations of $94.1 million. The miss was driven by revenue from subscriptions and services, which clocked in at $54.8 million compared to $57.6 million.

As depressed digital asset prices continue to weigh on crypto-related firms, Bullish indicated that company losses widened to $604.9 million from $348.6 million a year ago. The performance marked a deterioration from a $563.6 million loss in the previous quarter.

Despite the loss, CEO Tom…