Bullish Acquires Equiniti for $4.2 Billion to Lead Tokenized Securities Market

Digital asset platform Bullish (NYSE: BLSH) has entered into a definitive agreement to acquire Equiniti, a leading global transfer agent, in a transaction valued at $4.2 billion. The deal, announced on May 5, 2026, combines Bullish’s blockchain-native tokenization infrastructure with Equiniti’s regulated transfer agency services, positioning the combined company as a pioneer in blockchain-enabled capital markets.

The transaction includes $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration, priced at $38.48 per share based on Bullish’s 30-day volume-weighted average price as of May 4, 2026. The acquisition is expected to close in January 2027, subject to customary regulatory approvals and closing conditions.

Equiniti serves nearly 3,000 issuer clients and 15,000 corporate clients, managing shareholder services for over 20 million verified shareholders and processing approximately $500 billion in annual payments. Bullish, headquartered in the Cayman Islands, operates as an institutional-grade digital asset platform focused on blockchain and capital markets infrastructure.

The combined entity is projected to generate around $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA less capital expenditures for 2026. Bullish anticipates 6-8% annual revenue growth from 2027 through 2029, driven in part by a 20% revenue CAGR from tokenization and blockchain services.

This acquisition aims to address a critical gap in capital markets infrastructure by integrating a regulated transfer agent with end-to-end blockchain tokenization capabilities. Bullish CEO highlighted the strategic importance of this move, stating, “Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years. This combination delivers end-to-end tokenization services, a unified ledger, and a broad base of blue-chip issuer relationships, uniquely positioning us to lead the transition to tokenized securities.”

Equiniti’s CEO emphasized the transaction’s alignment with the company’s modernization goals, noting, “This transaction strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti.” The combined platform will interoperate with existing market infrastructure, including central securities depositories such as DTCC, Euroclear, and Clearstream, as well as custodians and broker-dealers.

Regulatory compliance remains a key focus, with Equiniti’s SEC-registered transfer agent status and FCA-regulated UK operations complementing Bullish’s licensed digital asset infrastructure. The platform is designed to align with emerging regulatory frameworks like the EU DLT Pilot, providing institutional issuers and investors with necessary clarity for adoption at scale.

Financial advisors on the deal included Goldman Sachs & Co. LLC for Bullish, alongside Evercore, FT Partners, Wells Fargo, and LionTree Advisors advising Siris, the previous investor in Equiniti. Legal counsel was provided by Morgan, Lewis & Bockius LLP for Bullish and Sidley Austin LLP for Siris. Alvarez & Marsal also advised Bullish on operational matters.

Looking ahead, Bullish plans to integrate Equiniti’s operations while maintaining the existing leadership team to oversee day-to-day activities and regulatory obligations. The acquisition is expected to accelerate Bullish’s tokenization roadmap, enabling issuers to benefit from real-time cap table visibility, automated corporate actions, and broader investor access. Investors will gain 24/7 transaction capabilities, instant settlement, and seamless asset movement.

This deal marks a significant step in the evolution of capital markets infrastructure, combining traditional transfer agency expertise with blockchain innovation to support the growing market for tokenized securities and digital assets.