Bullish To Acquire Equiniti In $4.2B Transaction, Creating A Global Transfer Agent For Tokenized Securities

Bullish, an institutional-focused cryptocurrency exchange, has agreed to acquire Equiniti, a global transfer agent, in a transaction valued at approximately $4.2 billion including debt.

Following completion of the deal, the two companies plan to develop integrated services for corporate issuers covering end-to-end tokenization processes. 

These services are expected to include 24/7 trading of securities alongside stablecoin-based payment and settlement infrastructure. Equiniti currently provides transfer agent services to nearly 3,000 publicly listed companies, including Berkshire Hathaway and Moody’s. The transaction is expected to close in January 2027, subject to regulatory approval.

The acquisition combines Bullish’s blockchain-native capabilities, which span token design, issuance, operational management, compliance, global regulated distribution, liquidity provision, and data and research services via CoinDesk, with Equiniti’s regulated transfer agent infrastructure. Equiniti acts as the system of record for thousands of public companies and processes approximately $500 billion in annual payments while supporting more than 20 million verified shareholders. Together, the platforms are intended to support the full lifecycle of tokenized assets while operating alongside existing financial market infrastructure.

The transaction is positioned within a broader shift toward blockchain-based capital markets and tokenized securities. Stablecoins, described as tokenized representations of the U.S. dollar, have reached more than $300 billion in market capitalization and an estimated $10 trillion in annual transaction volume over the past decade. The development is being framed as one of the most significant structural changes in capital markets since the introduction of electronic trading systems, with the combined entity aiming to function as a core operational layer within this emerging architecture.

New Platform To Deliver Real-Time Market Infrastructure, Cross-Border Tokenized Trading, And Interoperability With Traditional Capital Systems

The integrated platform is expected to provide issuers with real-time visibility of shareholder records, faster corporate action processing, and broader investor access, while reducing administrative costs compared to traditional systems. Investors are expected to benefit from continuous trading availability, near-instant settlement, and improved asset transfer efficiency. Bullish is also expected to support secondary trading infrastructure for tokenized equities outside the United States, facilitating liquidity for non-U.S. participants and connecting traditional certificated securities with tokenized instruments.

The system is designed to remain interoperable with existing capital market infrastructure, including central securities depositories such as DTCC, Euroclear, and Clearstream, as well as custodians and broker-dealers. It will operate within existing regulatory frameworks, incorporating Equiniti’s SEC-registered transfer agent status and FCA-regulated operations in the United Kingdom, alongside Bullish’s licensed digital asset infrastructure. Alignment with emerging regulatory regimes such as the EU DLT Pilot framework is also anticipated, supporting institutional adoption under established compliance standards.

Equiniti was acquired by Siris in 2021, which has since overseen its strategic development. After the acquisition closes, Equiniti will continue to operate under the Bullish group alongside Bullish Exchange and CoinDesk. Current leadership, including Chief Executive Officer Dan Kramer, is expected to remain in place to oversee daily operations, regulatory obligations, and client relationships, while Bullish provides strategic infrastructure support for tokenization initiatives. Siris is expected to receive two board seats as part of the agreement.

The transaction structure includes approximately $1.85 billion in assumed debt and around $2.35 billion in Bullish equity consideration, with pricing based on Bullish’s 30-day volume-weighted average share price as of May 4, 2026. A call option has also been included allowing Siris to acquire certain non-core business segments excluded from the primary financial terms.

On a combined pro forma basis for 2026, the companies are projected to generate approximately $1.3 billion in adjusted total revenue and more than $500 million in adjusted EBITDA less capital expenditure. Medium-term projections indicate annual revenue growth of 6% to 8% between 2027 and 2029, alongside more than $100 million in annual EBITDA less capital expenditure growth, with a targeted margin of approximately 50% by 2029.

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