Bullish (BLSH), the parent company of CoinDesk, has agreed to acquire Equiniti, a transfer agent and shareholder services firm, for $4.2 billion in a deal that folds a core piece of traditional market infrastructure into its digital asset platform, accelerating its push into tokenized securities.
The transaction consists of $1.85 billion in assumed Equiniti debt and roughly $2.35 billion in Bullish stock, priced at $38.48 per share based on Bullish's 30-day VWAP through May 4. Shares of Bullish initially dipped on the all-stock structure but surged 17% in morning U.S. trade.
The acquisition gives Bullish a regulated transfer agent license — a required function for public companies — alongside its existing tokenization, trading and market infrastructure capabilities. Equiniti maintains records for more than 2,500 companies and 20 million shareholders, processing roughly $500 billion in annual payments. It serves nearly 3,000 issuer clients and 15,000 corporate clients, with over 5,000 associates globally.
End-to-End Tokenization Platform
The combined companies aim to offer a full-stack platform covering token design, issuance, compliance, registry and secondary trading. "Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years," said Bullish CEO Tom Farley. "Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and issuer relationships at scale. This combination delivers all three."
Equiniti CEO Dan Kramer will retain day-to-day responsibility for operations, regulatory obligations and client relationships under the Bullish umbrella.
Financial Projections and M&A Wave
Pro forma 2026 adjusted revenue is expected at ~$1.3 billion, with adjusted EBITDA less Capex exceeding $500 million. Annual revenue growth is forecast at 6%-8% through 2029, with 20% growth from tokenization and blockchain services. Bullish reported $94.3 million in adjusted EBITDA on $288.5 million in adjusted revenue for full-year 2025.
The deal lands amid a broader consolidation wave in crypto. After a lull in 2022-2023, M&A rebounded in 2025, with more than 260 deals totaling about $8.6 billion — roughly four times the prior year, per Pitchbook data. Clearer regulation and renewed institutional interest drove the activity. High-profile transactions, from Kraken's move into regulated derivatives to MoonPay's push into payments, mark a shift from speculative bets toward vertical integration and durable revenue models.
For Bullish, the acquisition connects traditional equity infrastructure with blockchain rails, enabling real-time cap table visibility, automated corporate actions and faster settlement, while supporting liquidity in tokenized shares — particularly for non-U.S. investors.