Bullish (BLSH) has agreed to acquire Equiniti, a global transfer agent, from private equity firm Siris in a $4.2 billion deal that marries the crypto exchange’s tokenization infrastructure with a regulated shareholder services firm that processes $500 billion in annual payments, the company announced on Tuesday.
The $4.2 billion consideration includes $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock priced at $38.48 per share. The deal also grants Siris a call option to acquire non-core Equiniti business lines, which were excluded from the transaction’s financial disclosures, the Tom Farley-led exchange said in a statement.
According to the statement, the acquisition merges Bullish’s blockchain issuance and compliance services with Equiniti’s role as a system of record for 20 million shareholders.
Bullish said the combined platform is designed to operate alongside existing capital markets infrastructure, including CSDs such as DTCC, Euroclear, and Clearstream, as well as custodians and broker-dealers, while maintaining compatibility with existing books and records.
It will utilize Equiniti’s SEC-registered transfer agent status and FCA-regulated UK operations alongside Bullish’s licensed digital asset infrastructure, per the statement.
Bullish said the platform is expected to deliver real-time cap table visibility for issuers, automated corporate actions, broader investor access, and lower costs. Investors would gain the ability to engage in 24/7 transactions, instant settlement, and frictionless asset movement. Bullish will provide secondary trading infrastructure for eligible tokenized equities outside the U.S., serving non-U.S. investors seeking liquidity in tokenized shares.
On a pro forma basis, the combined company is projected to generate approximately $1.3 billion in adjusted total revenue and more than $500 million in adjusted EBITDA less capital expenditures for 2026. The company expects to achieve 20% annual revenue growth from tokenization and blockchain services through the end of 2029.
Bullish said Equiniti will continue to operate under its umbrella alongside Bullish Exchange and CoinDesk, with CEO Dan Kramer and the existing management team retaining responsibility for day-to-day operations, regulatory obligations, and client relationships.
Meanwhile, Siris will receive two board seats as part of the transaction, with closing expected in January 2027, subject to regulatory approvals and customary conditions.