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 through much of the quarter as bitcoin BTC$79,550.57 and other digital assets pulled back from highs reached towards the end of last year. Lower prices weighed on trading activity across the industry, a key source of revenue for exchanges.

Coinbase (COIN) reported weaker-than-expected first-quarter results last week after softer crypto prices reduced trading volumes. The company posted a loss of $1.49 per share, compared with analyst expectations for a $0.27 profit, while revenue and transaction revenue both missed forecasts.

Robinhood (HOOD) also missed first-quarter earnings and revenue estimates after crypto-related revenue fell 47% year over year to $134 million.

Bullish shares rose last week after the company agreed to acquire transfer agent and shareholder services firm Equiniti in a $4.2 billion deal aimed at expanding its push into tokenized securities. The acquisition would give Bullish a regulated transfer agent business alongside its tokenization, trading and market infrastructure operations.

Executives of the company will hold an investor call at 8:30am ET.