Institutional digital asset platform Bullish (NYSE: BLSH) has agreed to acquire Equiniti from private equity firm Siris in a deal valued at $4.2 billion, pairing a blockchain-native exchange with one of the world’s largest transfer agents to build end-to-end infrastructure for tokenized securities.
Deal structure and funding
Equiniti manages shareholder records for nearly 3,000 public companies, administers over 20 million shareholder accounts, and routes approximately $500 billion in payments annually. Bullish brings token issuance tools, regulated exchange infrastructure, and media and data reach through its CoinDesk subsidiary. The combined entity positions Equiniti within the Bullish group alongside Bullish Exchange and CoinDesk. Dan Kramer remains CEO, while Siris — which took Equiniti private in 2021 — receives two board seats.
Bullish will fund the acquisition through $1.85 billion in assumed Equiniti debt and roughly $2.35 billion in stock, priced at $38.48 per share based on its 30-day VWAP through May 4, 2026.
Financial outlook of the merged entity
The combined entity is projected to generate approximately $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA less capital expenditure for 2026, with annual revenue growth of 6 to 8 percent expected through 2029.
Tokenization infrastructure play
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. 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.”
The platform is designed to interoperate with DTCC, Euroclear, and Clearstream, operating under Equiniti’s SEC-registered transfer agent status and FCA-regulated UK licence. For issuers, the combination replaces multi-day registry lag with real-time cap table data and automated corporate actions. For investors, it targets 24/7 transactions and near-instant settlement.
Advisors and timeline
Goldman Sachs advised Bullish, while Evercore and FT Partners led on the Siris side. Closing is targeted for January 2027, subject to regulatory approvals.
Recent institutional market moves
The deal arrives as Bullish pushes deeper into institutional markets on multiple fronts. On April 30, 2026, Bullish extended access to its Bitcoin options markets to clients of Ripple Prime, the multi-asset prime brokerage platform that cleared more than $3 trillion in 2025. Meanwhile, legacy venues race to claim the same territory — on April 17, the NYSE filed a formal rule change proposal with the SEC to allow tokenized versions of Russell 1000 Index constituents and major index-tracking ETFs to trade on a blockchain, with a regulatory decision expected before the end of the second quarter.