Digital asset exchange Bullish has announced an agreement to acquire Equiniti, a global transfer agent, in a transaction valued at $4.2 billion. The purchase price consists of approximately $1.85 billion of assumed debt and about $2.35 billion in Bullish stock.
According to Bullish, the acquisition will combine its blockchain-based capabilities—such as token design, issuance, compliance, distribution through regulated markets, and liquidity provision—with Equiniti’s established media, data, and research services.
$4.2B Equiniti Acquisition
Equiniti serves as a regulated transfer agent and acts as the official record keeper for many publicly listed companies across major markets. The merged platform is intended to support the entire lifecycle of tokenized assets while operating alongside existing financial market infrastructure.
In its announcement, Bullish said the deal is designed to close a gap in transfer agent services tailored to blockchain-based securities, as capital markets move increasingly toward tokenization. Following the transaction, issuers are expected to gain faster access to shareholder records, automated corporate processes, and broader investor reach. Investors may benefit from around-the-clock trading, faster settlement cycles, and simpler asset transfers.
Bullish also plans to provide trading infrastructure for tokenized equities outside the United States and pursue international investor participation. The combined company will operate within established regulatory frameworks and aims to integrate with central securities depositories such as the DTCC, Euroclear, and Clearstream, as well as with custodians and broker-dealers.
This strategic move comes less than a year after Bullish completed its initial public offering and became a publicly traded company. Its shares trade on the New York Stock Exchange under the ticker BLSH.
Regulatory Duties
Equiniti is expected to continue operating under its existing management, which will remain responsible for day-to-day operations, regulatory obligations, and client relationships. Siris, the private equity firm that acquired Equiniti in 2021, will take two board seats in the combined company and will have the option to acquire certain non-core business units.
The transaction is subject to customary regulatory approvals and closing conditions and is expected to be finalized in January 2027. On a combined basis, the companies project roughly $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA after capital expenditures.
Management anticipates annual revenue growth of approximately 6% to 8% from 2027 through 2029, with tokenization services contributing to that growth.