Bullish announced a $4.2 billion deal to acquire Equiniti on May 5, 2026, and the Bullish acquisition could link digital-asset infrastructure with traditional shareholder recordkeeping.
The agreement would combine Bullish’s crypto market business with Equiniti’s transfer-agent operations. The transaction is expected to close in January 2027. It still requires regulatory approvals and standard closing conditions.
Bullish Acquisition Adds Equiniti’s Global Transfer-Agent Scale
The Bullish acquisition includes $1.85 billion of assumed Equiniti debt. It also includes about $2.35 billion in Bullish stock consideration.
Equiniti serves nearly 3,000 issuer clients. It supports more than 20 million registered shareholders. It also handles about $500 billion in annual payments.
Bullish said the combined business could become a global transfer agent for tokenized securities. The company wants to connect regulated shareholder records with blockchain-based securities systems.
Bullish Links Equiniti Records to Tokenization
Bullish plans to use Equiniti’s recordkeeping base as part of its tokenization strategy. The platform is expected to work with central securities depositories, custodians, and broker-dealers.
The company named DTCC, Euroclear, and Clearstream as important market infrastructure links. These connections could help tokenized securities operate within established financial systems.
Bullish CEO Tom Farley said tokenization is a major shift for capital markets. He described it as a defining infrastructure trend for the next 25 years.
Equiniti Leadership Stays as Bullish Targets Revenue Growth
Equiniti’s existing leadership team will continue to manage daily operations. The team will also oversee client relationships and regulatory duties.
Kramer and the current Equiniti management group will remain responsible for core business functions. Bullish will support the tokenization roadmap through its digital-asset infrastructure.
Bullish expects the combined company to generate about $1.3 billion in adjusted revenue in 2026. It also expects more than $500 million in EBITDA less Capex.
The company projects 6% to 8% annual revenue growth through 2029. It also expects 20% growth from tokenization and blockchain services.
The Bullish acquisition follows Bullish’s 2025 financial results. Bullish reported $94.3 million in adjusted EBITDA and $288.5 million in adjusted revenue for the full year.
Investor and Issuer Impact
Issuers could gain faster cap table visibility. They could also use automated corporate actions. These tools may reduce delays in shareholder services.
Investors could gain 24/7 transaction access. They could also see instant settlement and easier asset movement.
Outside the United States, Bullish plans to provide trading infrastructure for eligible tokenized equities. That could give non-U.S. investors another route to liquidity.
Wider Market Shift
The Bullish acquisition comes as financial firms move deeper into tokenized securities. BlackRock-backed Securitize and Computershare recently outlined plans to bring parts of the U.S. stock market onchain through tokenized equities.
The deal also comes during a stronger crypto merger cycle. After slower activity in 2022 and 2023, crypto mergers and acquisitions rebounded in 2025.
PitchBook data cited in the provided material showed more than 260 crypto deals in 2025. Those deals totaled about $8.6 billion. That amount was about four times the prior year.
Crypto Dealmaking Trend
Crypto firms are using acquisitions to fill gaps in custody, payments, tokenization, derivatives, and compliance. Larger companies are also buying smaller firms to scale distribution.
The Bullish acquisition shows how crypto firms are moving beyond exchange-focused growth. It points to a wider push into regulated financial infrastructure.
Other major deals include Coinbase’s $2.9 billion Deribit purchase and Kraken’s $1.5 billion NinjaTrader deal. At $4.2 billion, the Equiniti deal would rank above both.
Siris and Advisors
Siris Capital acquired Equiniti in 2021. Under the new agreement, Siris will receive two board seats in the combined company.
Siris also holds a call option to buy back certain non-core Equiniti business lines. Those business lines were excluded from the disclosed deal figures.
Goldman Sachs advised Bullish. Evercore and FT Partners advised Siris Capital.
Conclusion
The Bullish acquisition positions Bullish to connect traditional shareholder infrastructure with blockchain-based securities tools. If completed, the deal could become a major test for tokenized equities, transfer-agent records, and institutional market systems.
Appendix Glossary of Key Terms
Equiniti: A shareholder services and transfer-agent company that manages issuer clients, registered shareholders, and annual payments.
Transfer agent: A regulated firm that maintains shareholder records and supports ownership updates, payments, and corporate actions.
Tokenized securities: Traditional financial securities represented through blockchain-based systems for faster movement and settlement.
Shareholder recordkeeping: The process of tracking registered shareholders, ownership details, payment records, and related account changes.
Cap table visibility: A clearer view of company ownership, shareholder positions, and equity structure in real time.
Frequently Asked Questions About Bullish Acquisition
1- What did Bullish announce?
Bullish announced a $4.2 billion agreement to acquire Equiniti.
2- When is the deal expected to close?
The deal is expected to close in January 2027.
3- Why is Equiniti important to Bullish?
Equiniti gives Bullish access to issuer clients, shareholder records, and transfer-agent operations.
4- How many shareholders does Equiniti support?
Equiniti supports more than 20 million registered shareholders.
