Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported first-quarter adjusted revenue below analyst expectations as weaker digital asset trading activity early in the year weighed on earnings.

The company posted adjusted revenue of $92.8 million, compared with FactSet analyst estimates of $94.9 million.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $35.1 million, up from $13.2 million a year earlier, but missing expectations of $38 million. Bullish reported a net loss of $604.9 million, or $3.85 per diluted share, compared with a loss of $348.6 million, or $3.04 per share, a year earlier.

BLSH shares were down 7.9% in pre-market trading at $38.51.

Crypto markets struggled…