Cryptocurrency exchange Bullish will pay $4.2 billion to acquire the transfer agent Equiniti, the companies announced Tuesday.
The transaction, expected to close in January 2027, fills what Bullish sees as a gap in capital markets infrastructure: the absence of a regulated, blockchain-native transfer agent.
“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years," Bullish CEO Tom Farley said. "Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities."
Combined, the companies aim to support the full life cycle of tokenized assets and allow investors to engage in 24/7 transactions, instant settlement and frictionless asset movement.
Equiniti processes roughly $500 billion in payments annually; supports about 20 million shareholders; and counts 15,000 corporate clients and 3,000 digital-asset issuers, the company said.
“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure. When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way,” Equiniti CEO Dan Kramer said in a statement. “This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service and trust they expect from Equiniti.”
Together, the companies are expected to generate roughly $1.3 billion in adjusted total revenue and achieve 6% to 8% revenue growth over the next three years, including 20% revenue growth from tokenization and blockchain services, according to the release.
The $4.2 billion transaction breaks down to $1.85 billion of assumed Equiniti debt and about $2.35 billion in Bullish stock consideration, priced at $38.48 per share, based on Bullish’s 30-day volume-weighted average price as of market close Monday.
