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Bullish is moving deeper into market infrastructure with the Bullish Equiniti deal, a transaction valued at about $4.2 billion including debt and pending regulatory approvals.
What the transaction includes
According to a Reuters report, Bullish will assume approximately $1.85 billion in debt and pay about $2.35 billion in Bullish stock. The deal is expected to close in January 2027, subject to regulatory approvals.
Moreover, Equiniti is a global transfer agent that supports nearly 3,000 public companies. Its client list includes Berkshire Hathaway, Moody’s, and Rolls-Royce.
Why the deal matters
After the acquisition, Bullish and Equiniti plan to offer tokenization services for corporate issuers. The planned package includes 24/7 securities trading and stablecoin settlement tools for payments and settlement.
That said, transfer agents remain central to public markets. They maintain shareholder records, manage ownership changes, support dividend payments, and handle investor communications. Bullish wants to connect that transfer agent workflow with the tokenized securities infrastructure.
Bullish expands beyond exchange trading
The bullish acquisition deal marks a broader shift for the company. Bullish went public in August 2025 after raising $1.1 billion in its NYSE debut and reaching a valuation of $5.4 billion.
Moreover, the company has broadened its crypto exchange expansion with crypto options trading and U.S. spot trading. The Equiniti purchase would add direct involvement in corporate issuer services and securities processing workflows.
Equiniti tokenization services could also strengthen Bullish’s position as competition intensifies. Other firms are testing tokenized stock and settlement products, including efforts to launch natively tokenized public stocks with shareholder rights, dividends, and voting recorded on-chain.
In short, the transaction could push Bullish beyond trading into public company issuer services, while linking traditional market plumbing with digital asset settlement.