Bullish, a cryptocurrency exchange, has agreed to acquire Equiniti, a global transfer agent, in a $4.2 billion transaction that aims to merge traditional market infrastructure with blockchain-based systems. Equiniti serves as a core record-keeper for public companies, servicing nearly 3,000 issuer clients, supporting more than 20 million shareholders, and processing approximately $500 billion in annual payments. Transfer agents maintain shareholder records, manage dividend distributions, and handle corporate actions, placing them at the center of equity market operations.
Deal Terms and Financial Projections
Under the agreement, Bullish will assume $1.85 billion of Equiniti's debt and issue approximately $2.35 billion in stock, subject to adjustments. The companies expect the deal to close in January 2027, pending regulatory approvals. The combined firm is projected to generate about $1.3 billion in adjusted revenue in 2026, with more than $500 million in adjusted EBITDA less capital expenditures. Bullish expects revenue growth of 6% to 8% from 2027 through 2029, with tokenization and blockchain services contributing a larger share over time.
Ambitions for Tokenized Securities Infrastructure
The transaction reflects a broader push across financial markets to bring equities and other assets onto blockchain infrastructure. Bullish executives frame the acquisition as a way to address a gap in tokenized markets: the absence of a regulated transfer agent built for digital securities. Bullish provides token design, issuance, compliance, and trading services, along with liquidity and market data through its ownership of CoinDesk. Equiniti contributes established relationships with listed companies and regulators, along with its role as a system of record for equity ownership.
Together, the firms plan to offer an integrated platform that spans the full lifecycle of tokenized assets, from issuance to registry management and secondary trading. The system is designed to operate alongside existing financial infrastructure, including central securities depositories, custodians, and broker-dealers. Executives argue the structure could allow issuers to track ownership in real time, replacing settlement processes that can take days. The platform also aims to automate corporate actions and expand access to investors across jurisdictions. For investors, the model promises continuous trading, faster settlement, and fewer intermediaries.
Operational Plans and Industry Context
Bullish said they plan to support trading in tokenized equities outside the United States, targeting international investors seeking access to digital representations of shares. The platform will also bridge traditional certificated shares with tokenized formats, allowing both to coexist within a single system. Equiniti will continue to operate under its existing leadership, with CEO Dan Kramer and his team retaining responsibility for day-to-day operations, client relationships, and regulatory compliance. Bullish will provide infrastructure and strategic support tied to tokenization initiatives.
Private equity firm Siris, which acquired Equiniti in 2021, will receive two board seats in the combined company. The deal includes a provision allowing Siris to acquire certain non-core business lines. The acquisition lands amid a rise in consolidation across the digital asset sector, as firms seek to build end-to-end financial platforms that combine trading, custody, payments, and compliance. Yesterday, The Depository Trust & Clearing Corporation (DTCC) said they will begin piloting tokenized securities trading in July 2026, with a full launch scheduled for October. The initiative will run through its subsidiary, the Depository Trust Company (DTC), which holds over $114 trillion in assets, underscoring the scale of the shift.