Bullish Acquires Equiniti in $4.2 Billion Deal to Expand Tokenization Infrastructure

Bullish has agreed to acquire Equiniti in a $4.2 billion transaction that combines crypto based tokenization infrastructure with traditional shareholder services. The deal includes $1.85 billion in assumed debt and approximately $2.35 billion in Bullish stock priced at $40.48 per share, with completion expected in January 2027 pending regulatory approval.

Tokenization and Transfer Agent Systems Combined

The acquisition integrates Bullish’s blockchain issuance and compliance stack with Equiniti’s role as a global transfer agent managing systems for around 20 million shareholders. Equiniti also processes roughly $500 billion in annual payments, making it a significant bridge between traditional capital markets and digital asset infrastructure.

Hybrid Capital Markets Infrastructure Model

The combined platform is designed to operate alongside established systems such as DTCC, Euroclear, and Clearstream while remaining compatible with existing recordkeeping frameworks. Equiniti will continue operating under its current management, while Bullish plans to maintain regulated transfer agent capabilities through SEC-registered and FCA-regulated entities.

Tokenized Equity Trading and Market Expansion

Bullish intends to enable real time cap table visibility, automated corporate actions, and broader investor access. The platform will also support 24/7 trading, instant settlement, and secondary market liquidity for tokenized equities outside the United States, targeting international investors.

On a pro forma basis, the combined company is projected to generate about $1.3 billion in adjusted revenue and over $500 million in adjusted EBITDA minus capital expenditures for 2026. Bullish expects tokenization and blockchain services to drive approximately 20% annual revenue growth through 2029, with Equiniti continuing to operate alongside its existing exchange and data businesses.