Summary: Bullish has entered into a definitive agreement to acquire Equiniti in a transaction valued at $4.2 billion. The deal links Bullish’s institutional-grade digital asset platform with Equiniti’s regulated transfer-agent and shareholder-services business, which acts as the system of record for nearly 3,000 public companies, processes about $500 billion in annual payments and supports over 20 million verified shareholders. Management says the combined business will target a complete tokenized asset lifecycle while operating within existing regulatory frameworks.
The transaction pairs Bullish’s blockchain-native capabilities with Equiniti’s established transfer-agent services to create a single platform intended to support end-to-end tokenization. Tom Farley, CEO of Bullish, described tokenization as "a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years," and said broad institutional adoption depends on three elements: end-to-end tokenization services, a unified ledger, and a wide base of blue-chip issuer relationships at scale. He said the combined company provides all three elements.
Executives outlined a set of issuer- and investor-facing outcomes the combined platform aims to deliver. Issuers should obtain real-time cap table visibility and automated corporate actions, along with broader investor access and lower operating costs. For investors, the combined infrastructure is intended to facilitate 24/7 transaction capability, instant settlement and easier movement of tokenized assets. Bullish will also supply secondary trading infrastructure for eligible tokenized equities outside the U.S., serving non-U.S. investors seeking liquidity in tokenized shares.
Operationally, the new platform will be designed to interoperate with incumbent capital markets infrastructure. Bullish and Equiniti plan to link to central securities depositories such as DTCC, Euroclear and Clearstream, as well as custodians and broker-dealers. The arrangement is to function within established regulatory frameworks, leveraging Equiniti’s SEC-registered transfer agent status and its FCA-regulated operations in the U.K., together with Bullish’s licensed digital asset infrastructure.
Dan Kramer, CEO of Equiniti, said the transaction "strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti." Post-deal, Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk. Kramer and the Equiniti leadership team will remain responsible for day-to-day operations, regulatory obligations and client relationships. As part of the agreement, Siris will hold two board seats.
Siris acquired Equiniti in 2021. Frank Baker, Co-Founder and Managing Partner of Siris, said that when Siris invested in Equiniti they identified a scaled infrastructure platform with deep client relationships and worked with management to position the business for growth. Under the terms of the current transaction, closing is targeted for January 2027, subject to customary closing conditions and the necessary regulatory approvals.
Financial details are explicit. The overall transaction value is $4.2 billion, which includes $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration, with the stock component subject to customary purchase price adjustments. The Bullish stock consideration is priced at $38.48 per share, based on Bullish’s 30-day volume-weighted average price as of close on Monday.
On a pro forma combined basis, the companies expect to generate around $1.3 billion in adjusted total revenue and roughly $500 million in adjusted EBITDA less Capex for 2026. Bullish has projected annual revenue growth of 6-8% from 2027 to 2029 and anticipates more than $100 million in annual EBITDA less Capex growth.
Context for product and market impact
From a product and platform standpoint, the transaction attempts to align a ledger-native trading and custody operation with a regulated record-keeping and servicing backbone. The stated goal is to deliver an integrated solution that covers issuance, servicing and secondary market liquidity for tokenized equities, while maintaining interoperability with legacy market utilities and regulatory supervision.
Closing mechanics and governance
Equiniti will continue to be run by its current leadership for day-to-day matters. Siris will retain representation through two board seats. The close remains conditional on customary terms and regulatory sign-offs, with a target completion date in January 2027.