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Bullish (NYSE: BLSH), the institutional-grade digital asset platform, has announced its definitive agreement to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, in a transaction valued at $4.2 billion. This combination aims to create the global transfer agent for tokenised securities and position Bullish to lead the shift towards blockchain-native capital markets infrastructure.
The acquisition brings together Bullish’s blockchain-native offering, which includes token design, issuance, operation and compliance, distribution through regulated markets globally, liquidity provisioning, and visibility through CoinDesk’s media, data, and research. Equiniti provides the regulated transfer agent services required by most listed companies in major markets. As the system of record for nearly 3,000 blue-chip public companies, Equiniti processes approximately $500 billion in annual payments and supports over 20 million verified shareholders. The combined platform is designed to support the complete tokenised asset lifecycle and work alongside existing market infrastructure.
This acquisition addresses a foundational gap in market infrastructure: the absence of a transfer agent built for the blockchain era. The shift in capital markets is significant, with stablecoins, the tokenised U.S. dollar, having grown to over $300 billion in reported market capitalisation and an estimated $10 trillion in annual payments volume in a decade. This represents one of the most profound structural transformations in capital markets since the advent of electronic trading, and the combined entity aims to be the operating system powering it.
Tom Farley, CEO of Bullish
Tom Farley, CEO of Bullish commented:
“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years. 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. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”
The combination is expected to deliver concrete benefits across the ecosystem. As blockchain technology and tokenised real-world assets gain broader adoption, this combination will enable issuers to gain real-time cap table visibility, automated corporate actions, broader investor access, and lower costs. Investors will gain the ability to engage in 24/7 transactions, instant settlement, and frictionless asset movement. Bullish will provide secondary trading infrastructure for eligible tokenised equities outside the U.S., serving non-U.S. investors seeking liquidity in tokenised shares and bridging certificated and tokenised markets. For more information on firms that provide market depth, understanding liquidity providers is crucial.
Dan Kramer, CEO of Equiniti
Dan Kramer, CEO of Equiniti commented:
“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure. 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. This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”
The combined platform is designed to interoperate with existing capital markets infrastructure, including CSDs such as DTCC, Euroclear, and Clearstream, custodians, and broker-dealers, complementing existing books and records. It will operate within established regulatory frameworks, drawing on Equiniti's SEC-registered transfer agent status and FCA-regulated UK operations alongside Bullish's licensed digital asset infrastructure. This structure is built to align with emerging regimes such as the EU DLT Pilot, giving institutional issuers and investors the regulatory clarity needed for adoption at scale. This move highlights the growing demand for crypto prime brokerages and robust digital asset infrastructure.
Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development.
Frank Baker, Co-Founder and Managing Partner of Siris
Frank Baker, Co-Founder and Managing Partner of Siris commented:
“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth. This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”
Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk. CEO Dan Kramer and the Equiniti leadership team will retain responsibility for day-to-day operations, regulatory obligations and client relationships. Bullish will provide strategic infrastructure and support to accelerate the companies’ shared tokenisation roadmap. Siris will receive two board seats as part of the transaction. Closing is expected in January of 2027, subject to customary closing conditions and required regulatory approvals. The increasing complexity of financial markets and the rapid adoption of digital assets necessitate a clear understanding of global crypto regulation to ensure compliant and scalable solutions.
The $4.2 billion transaction comprises $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration, subject to customary purchase price adjustments. Bullish stock consideration is priced at $38.48 per share, based on Bullish’s 30-day VWAP as of close on May 4, 2026. On a pro forma combined basis, the companies are expected to generate approximately $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA less Capex for 2026E. Bullish expects to realise 6-8% annual revenue growth from 2027E to 2029E and greater than $100 million in annual EBITDA less Capex growth. This growth highlights the importance of scalable technology in the digital asset space, making blockchain scalability a key factor for institutional adoption.
The acquisition of Equiniti by Bullish underscores a significant trend within institutional finance, where traditional market infrastructure is converging with blockchain technology to support the burgeoning digital asset economy. For LiquidityFinder’s audience of institutional FX professionals, retail brokers, and prime brokerage clients, this development signals a future where tokenised securities and blockchain-native solutions will play an increasingly central role in capital markets. Understanding these shifts is crucial for firms looking to integrate new liquidity solutions and adapt their trading infrastructure to meet evolving industry standards.
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