Bullish has agreed to acquire Equiniti in a $4.2bn transaction that will combine a regulated, blue‑chip transfer agent with a blockchain‑native tokenisation platform, in one of the largest bets yet on the shift toward distributed market infrastructure.
The deal, announced on Tuesday, will see Bullish assume $1.85bn of Equiniti debt and issue around $2.35bn in stock. Closing is expected in January 2027, subject to regulatory approvals. Equiniti, which supports nearly 3,000 issuer clients, 20 million shareholders and processes roughly $500bn in annual payments, will continue to be led by CEO Dan Kramer.
Bullish said the combination fills a structural gap in capital markets by pairing a regulated transfer agent with end‑to‑end tokenisation capabilities.
“Tokenisation is a once‑in‑a‑generation shift in how capital markets operate,” said Tom Farley, Bullish CEO. “Broad adoption at institutional scale requires end‑to‑end tokenization services, a single, unified ledger, and a broad base of blue‑chip issuer relationships… this combination delivers all three.”
Kramer said the deal aligned with Equiniti’s push to modernise core market infrastructure.
“This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect,” he said.
The combined group is expected to generate around $1.3bn in adjusted revenue and more than $500m in adjusted EBITDA less capex in 2026, with Bullish forecasting 6–8% annual revenue growth from 2027 to 2029. Tokenisation and blockchain services are expected to contribute around 20% of that growth.
Bullish said the platform will interoperate with existing market infrastructure — including DTCC, Euroclear and Clearstream — and operate within established regulatory frameworks, drawing on Equiniti’s SEC‑registered and FCA‑regulated operations alongside Bullish’s digital asset licences.
Siris, which acquired Equiniti in 2021, will receive two board seats as part of the deal. Frank Baker, Siris co‑founder, said the outcome reflects its strategy of backing “tech‑enabled services businesses at the centre of market transformation.”
