Key Highlights
- Bullish (BLSH) has entered into an agreement to purchase transfer agent Equiniti in a $4.2 billion all-stock transaction
- BLSH shares rallied 17% to reach $47.65 after the deal was announced
- Equiniti manages shareholder records for approximately 3,000 public companies, handling $500 billion in yearly payments
- The merged company plans to deliver comprehensive tokenization capabilities with continuous trading and stablecoin settlement
- Transaction completion is anticipated in January 2027, subject to regulatory clearance
Bullish (BLSH) revealed on Tuesday its plan to purchase Equiniti from Siris Capital, a private-equity firm, in a transaction worth $4.2 billion when including debt obligations. The arrangement is being executed entirely through stock, consisting of around $2.35 billion worth of Bullish shares plus roughly $1.85 billion in debt that will be assumed.
BLSH shares climbed 17% to $47.65 on Tuesday in response to the announcement.
The digital asset exchange, headed by Tom Farley, the former President of the NYSE, began trading publicly on the NYSE in August 2025 with an initial price of $90 per share. Notwithstanding Tuesday’s surge, shares have declined 46% from that debut valuation.
Equiniti operates as a well-recognized transfer agent, managing shareholder databases and enabling critical corporate actions for public companies. Among its clientele are Berkshire Hathaway, Moody’s, and Rolls-Royce.
The firm provides services to more than 20 million authenticated shareholders and handles approximately $500 billion in payments each year. Its portfolio encompasses roughly 3,000 publicly traded corporations across the globe.
Bullish emphasized that the acquisition provides access to an essential component every public company requires: a regulated transfer agent. This infrastructure element has long been identified as a critical obstacle to mainstream institutional participation in blockchain-powered capital markets.
Strategic Significance of the Acquisition
The unified organization will provide complete tokenization infrastructure. This encompasses continuous securities trading available 24/7, stablecoin-facilitated payments leveraging a tokenized dollar, and immediate settlement capabilities.
“Tokenization represents a once-in-a-generation transformation in capital market operations,” Farley stated in a press release.
He emphasized that achieving widespread institutional adoption demands comprehensive tokenization, a consolidated ledger system, and proven issuer connections. “This merger provides all three components,” Farley noted.
Bullish commenced operations in November 2021 with a focus on serving institutional investors. The firm additionally owns the cryptocurrency news platform CoinDesk.
Financial Outlook and Deal Schedule
Bullish forecasts yearly revenue expansion between 6% and 8% spanning 2027 through 2029 after completing the acquisition. The company also anticipates generating over $100 million in annual EBITDA growth minus capital expenditures.
Completion of the transaction is scheduled for January 2027, contingent upon obtaining necessary regulatory permissions. Siris Capital had initially purchased Equiniti in 2021.
Both the NYSE and Nasdaq have been advancing their respective tokenized trading platform initiatives, enabling securities to trade continuously with immediate settlement capabilities.
Bullish’s purchase of Equiniti establishes the firm as a prospective worldwide transfer agent for tokenized assets as the supporting infrastructure matures.
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