Hassan Maishera
TL;DR
- Bullish is acquiring Equiniti for $4.2B to combine blockchain tokenization with traditional shareholder infrastructure.
- The deal aims to enable 24/7 trading, instant settlement, and real-time ownership tracking, with strong revenue growth expected through 2029.
Bullish to Acquire Equiniti in Major Tokenization Move
Bullish has agreed to acquire global transfer agent Equiniti from private equity firm Siris in a $4.2 billion deal aimed at bridging blockchain infrastructure with traditional shareholder services.
The transaction includes $1.85 billion in assumed debt and roughly $2.35 billion in Bullish stock, priced at $38.48 per share.
As part of the agreement, Siris will also receive a call option to acquire certain non-core Equiniti business lines that were excluded from the deal’s financial scope.
While announcing this deal, Bullish said the acquisition combines its blockchain issuance and compliance capabilities with Equiniti’s role as a system of record for more than 20 million shareholders and $500 billion in annual payment processing.
Bullish said the integrated platform will operate alongside existing capital markets infrastructure, including central securities depositories like DTCC, Euroclear, and Clearstream, as well as custodians and broker-dealers.
The platform will leverage Equiniti’s SEC-registered transfer agent status and its FCA-regulated UK operations, alongside Bullish’s licensed digital asset infrastructure.
Real-time Ownership and 24/7 Trading Plan
Bullish revealed that the combined offering will deliver real-time cap table visibility, automated corporate actions, broader investor access, and reduced operational costs.
Investors would benefit from 24/7 trading, instant settlement, and seamless movement of tokenized assets.
The company also plans to provide secondary trading infrastructure for tokenized equities outside the U.S., targeting non-U.S. investors seeking liquidity in digital shares.
The combined entity is projected to generate around $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA (less capital expenditures) by 2026.
Bullish expects tokenization and blockchain services to drive roughly 20% annual revenue growth through 2029.
Equiniti will continue operating under Bullish alongside Bullish Exchange and CoinDesk. CEO Dan Kramer and the current management team will retain control over daily operations, regulatory compliance, and client relationships.
As part of the deal, Siris will receive two board seats. The transaction is expected to close in January 2027, pending regulatory approvals and customary conditions.
