Bullish to acquire Equiniti for $4.2B+, advancing tokenization
6.7 Investments Bullish will acquire Equiniti for $4.2–$4.25B, merging traditional transfer agent services with blockchain to create a platform for tokenized securities. The deal is expected to close by January 2027.
Bullish has announced an agreement to acquire Equiniti, a global transfer agent and record-keeper serving nearly 3,000 public companies and over 20 million shareholders. The deal is valued between $4.2 and $4.25 billion, including the assumption of $1.85 billion in debt and the issuance of approximately $2.35 billion in Bullish equity. This strategic acquisition aims to integrate Equiniti’s regulated services with Bullish’s digital asset platform, creating a blockchain-enabled issuer services platform. The combined offering will enable real-time cap tables, instant settlement, 24/7 trading, and seamless global access for tokenized securities. The merged company is projected to generate about $1.3 billion in adjusted revenue by 2026, with over $500 million in adjusted EBITDA. Expected revenue growth is 6% to 8% from 2027 through 2029. The transaction, subject to regulatory approval, is anticipated to close by January 2027. Bullish seeks to bridge traditional equity infrastructure with tokenized markets, addressing a key gap in blockchain-based capital markets.
