Crypto05 May, 20266 min read
Bullish Agrees to Acquire Equiniti for $4.2 Billion to Build Tokenized Securities Infrastructure
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Bullish to acquire Equiniti for $4.2 billion to build tokenized securities infrastructure. The merger integrates Bullish's exchange with Equiniti's transfer-agent services to form a global tokenized-securities platform.
Bullish buys Equiniti
Crypto exchange Bullish has agreed to acquire transfer agent Equiniti in a deal valued at $4.2 billion, combining Bullish’s tokenization infrastructure with a regulated shareholder services firm, according to a Tuesday statement. The transaction comprises $1.85 billion in debt and about $2.35 billion in Bullish equity, and Bullish projected roughly $1.3 billion in revenue and more than $500 million in EBITDA (excluding capex) in 2026. Bullish said the acquisition would establish “the world’s first fully integrated global transfer agent for tokenized securities,” and it described the combined platform as enabling “real-time cap tables, instant settlement, 24/7 trading, and seamless global access.”
The deal is expected to close in January 2027, pending regulatory approvals and customary conditions, with Bullish stating it will operate alongside existing capital markets infrastructure. The Block reported that Bullish stock consideration was priced at $38.48 per share based on Bullish’s 30-day VWAP as of close on May 4, and it said the acquisition merges Bullish’s tokenization stack with Equiniti’s role as a system of record for 20 million shareholders. CoinDesk’s parent company framing also tied the purchase to a broader push into tokenized securities infrastructure, while Bullish’s own release emphasized that Equiniti processes approximately $500 billion in annual payments and supports over 20 million verified shareholders.
Terms, timing, structure
Multiple outlets described the same core deal structure but with additional mechanics and market-facing details. The Block said the $4.2 billion consideration includes $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock, and it added that the deal grants Siris a call option to acquire non-core Equiniti business lines excluded from the transaction’s financial disclosures. CoinCentral similarly stated that Bullish will assume $1.85 billion of Equiniti debt and issue about $2.35 billion in stock, and it reported that the stock consideration carries a price of $38.48 per share.
TipRanks quoted Bullish’s description that “The combination creates the global transfer agent for tokenized securities and aims to position Bullish to lead the shift toward blockchain-native capital markets infrastructure,” and it reiterated that closing is expected in January of 2027 subject to customary closing conditions and required regulatory approvals. CoinDesk reported that the transaction is priced at $38.48 per share based on Bullish’s 30-day VWAP through May 4, and it said Bullish shares were down about 1.5% in pre-market trading following the announcement. The Block also specified that Siris will receive two board seats as part of the transaction, and it said Equiniti will continue to operate under its umbrella alongside Bullish Exchange and CoinDesk, with CEO Dan Kramer and the existing management team retaining responsibility for day-to-day operations, regulatory obligations, and client relationships.
What the deal is meant to do
Bullish and the deal coverage repeatedly tied the acquisition to specific operational capabilities for tokenized securities, including issuer record-keeping, cap table visibility, and trading access. Bullish’s release said the combined platform would enable “real-time cap table visibility for issuers, automated corporate actions, broader investor access, and lower costs,” and it described investors gaining “the ability to engage in 24/7 transactions, instant settlement, and frictionless asset movement.” The Block added that the platform is designed to operate alongside existing capital markets infrastructure, including CSDs such as DTCC, Euroclear, and Clearstream, while maintaining compatibility with existing books and records.
“The company plans to support token design, issuance, compliance, trading, and liquidity services.”
CoinCentral described the plan as supporting token design, issuance, compliance, trading, and liquidity services, and it said the combined platform will work with existing market systems rather than replace them. TipRanks quoted Bullish’s language that the acquisition will enable issuers to gain “real-time cap table visibility – a significant upgrade from the days or weeks of lag in traditional registries,” and it reiterated that investors would gain the ability to engage in 24/7 transactions and instant settlement. CoinDesk’s coverage also emphasized that Equiniti maintains records for more than 2,500 companies and 20 million shareholders and processes roughly $500 billion in annual payments, positioning it as a system of record for equity ownership.
Voices and internal leadership
The coverage included direct statements from Bullish leadership and from Equiniti’s CEO, with each framing the acquisition around modernization and infrastructure gaps. Bullish CEO Tom Farley said, “Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” and he added that “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale.” In the same statement, Farley argued that “This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”
CoinDesk reported that Equiniti CEO Dan Kramer said the transaction extends the company’s modernization roadmap while preserving its operating model, and Bullish’s own release quoted Kramer saying, “Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure.” Kramer also said, “When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way,” and he added, “This transaction reflects that intent.” The Block described that Dan Kramer and the existing management team will retain responsibility for day-to-day operations, regulatory obligations, and client relationships, and it said Equiniti will continue to operate under its umbrella alongside Bullish Exchange and CoinDesk.
Market context and next steps
Beyond the transaction itself, the sources placed Bullish’s Equiniti purchase within a broader consolidation and tokenization push, while also tying it to specific expectations for growth and integration. CoinDesk described the deal as landing “amid a broader wave of consolidation sweeping crypto, as firms race to build full-stack financial infrastructure,” and it cited Pitchbook data saying that after a lull in 2022–2023, mergers and acquisitions rebounded sharply in 2025 with “more than 260 deals totaling about $8.6 billion.” CoinDesk also said the acquisition would rank among the largest crypto-linked deals ever, surpassing Coinbase’s $2.9 billion purchase of Deribit and Kraken’s $1.5 billion NinjaTrader deal, and it framed the size as a shift toward regulated financial infrastructure.
“The deal is expected to close in January 2027, pending regulatory approvals and customary conditions.”
In parallel, CoinDesk connected Bullish’s move to other tokenization efforts, noting that BlackRock-backed Securitize and Computershare said they plan to bring parts of the $70 trillion U.S. stock market onchain via tokenized equities. For financial outlook, multiple sources cited Bullish’s projections: The Block said the combined company is projected to generate approximately $1.3 billion in adjusted total revenue and more than $500 million in adjusted EBITDA less capital expenditures for 2026, while it also projected 20% annual revenue growth from tokenization and blockchain services through the end of 2029. The deal’s immediate next steps are regulatory and closing-related, with The Block and CoinDesk both stating closing is expected in January 2027 subject to regulatory approvals and customary conditions, and with Bullish’s own release saying the transaction is expected to close in January 2027 pending regulatory approvals and customary conditions.