Q1'26 @Bullish earnings 🧵 The cleanest way to think about this quarter: The trading business materially outperformed a collapsing market. Industry top-10 spot CEX vol: -39% QoQ Bullish volumes: Spot: -14% Options: +29% to $11.6B 14% BTC OI market share Transaction revenue flat despite the volume drop: spreads widened, options mix grew. Real share gain. Profitability stepped back because management chose to lean in. Opex +20% QoQ Margin: 48% → 38% Funding the tokenization platform, TRP warrant program, and @consensus2026 events. The Q4 print was the cyclical peak — this is what investing through a downcycle looks like. The Equiniti deal is the real story. $4.2B, target close Jan 2027. Buys: 3K issuer relationships 20M KYC'd shareholders A regulated transfer agent The missing piece of the tokenization stack. Combined 2026E: ~$1.3B revenue ~$500M EBITDA less capex ~$280M adj. net income