Bullish announced the acquisition of Equiniti, a leading company in securities transfer services. The transaction was valued at approximately $4.2 billion, combining $1.85 billion in assumed debt and approximately $2.35 billion in Bullish shares. The goal of the deal is to create the first global transfer agent designed specifically for tokenized securities.
Equiniti operates as a registrar for approximately 3,000 top-tier public companies, processes roughly $500 billion in annual payments, and supports more than 20 million verified shareholders. Through the alliance, that regulated infrastructure is integrated with Bullish’s native blockchain platform, which covers token design, issuance, operation, and compliance, along with the CoinDesk media, data, and research network.
Tom Farley, CEO of Bullish, argues that tokenization is “a generational shift in how capital markets operate” and noted that the transaction unifies the three elements needed for institutional adoption: end-to-end tokenization services, a unified registry, and consolidated relationships with top-tier issuers.
The company projects generating approximately $1.3 billion in adjusted revenues and more than $500 million in adjusted EBITDA for 2026, with 20% revenue growth expected in blockchain services. The deal is expected to close in January 2027, subject to regulatory approvals.
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