Crypto Exchange Bullish Strikes $4.2B Deal to Acquire Equiniti

The digital assets exchange Bullish is all set to acquire Equiniti, a global ​transfer agent, in a deal valued at $4.2 billion. The transaction includes $1.85 billion in assumed debt and about $2.35 billion to be paid in Bullish stock.

Bullish said the deal will bring together its blockchain-based services, including token design, issuance, compliance, distribution through regulated markets, and liquidity provision, along with media, data, and research capabilities.

$4.2B Equiniti Acquisition

Equiniti acts as a regulated transfer agent, which is required for listed companies in most major markets, and acts as the official record keeper for a large number of public firms. The combined platform will support the full lifecycle of tokenized assets while working alongside existing financial market infrastructure.

In its official press release, Bullish revealed that the transaction aims to address the lack of transfer agents built for blockchain-based securities as capital markets increasingly adopt tokenization. Following the deal, issuers are expected to gain faster access to shareholder records, automated corporate processes, and wider investor reach, while investors may benefit from 24/7 trading, quicker settlement, and easier asset transfers.

Bullish also plans to offer trading infrastructure for tokenized equities outside the United States and target international investors. The combined company will operate within existing regulatory systems and is expected to integrate with central securities depositories such as DTCC, Euroclear, and Clearstream, as well as custodians and broker-dealers.

The latest move comes less than a year after Bullish became a publicly traded company following its IPO. Its shares are listed on the NYSE under the symbol BLSH.

Regulatory Duties

Equiniti will continue its operations under Bullish. Daily business, regulatory responsibilities, and client relationships will be handled by its management team. Siris, which acquired Equiniti in 2021, will receive two board seats and has the option to purchase certain non-core business units.

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The deal is expected to close in January 2027, subject to regulatory approvals and customary conditions. On a combined basis, the companies project around $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA minus capital expenditure.

It expects annual revenue growth of 6% to 8% between 2027 and 2029, including contributions from tokenization services.