Bullish to Buy Equiniti for $4.2B to Create Transfer Agent

Bullish agreed to acquire London-listed Equiniti in a $4.2 billion transaction aimed at creating a global transfer agent that connects tokenized securities with conventional shareholder recordkeeping. The combined business would pair Bullish’s digital-asset infrastructure with Equiniti’s transfer-agent services for public companies and retail holders.

Under the May 5, 2026 agreement, Bullish will assume about $1.85 billion of Equiniti debt and issue roughly $2.35 billion in Bullish stock to reach the $4.2 billion valuation. The stock portion is valued at $38.48 per share, based on Bullish’s 30-day volume-weighted average price through May 4, 2026. The deal is expected to close in January 2027, subject to regulatory approvals and customary closing conditions.

Bullish says the combined entity will operate as a regulated transfer agent able to record ownership and service corporate actions while enabling securities to be tokenized on blockchain systems. The planned platform is designed to link traditional transfer-agent records with distributed-ledger infrastructure and to work with central securities depositories, custodians and broker-dealers, including DTCC, Euroclear and Clearstream.

Equiniti will continue to run daily operations and manage client relationships under its existing leadership. Bullish plans to provide trading infrastructure for eligible tokenized equities outside the United States. The agreement also grants two board seats to Siris, a shareholder in Equiniti.

Bullish estimates the combined company will produce about $1.3 billion in adjusted revenue and more than $500 million in EBITDA less capital expenditures for 2026. Management projects annual revenue growth of 6% to 8% from 2027 through 2029, with tokenization and related blockchain services expanding roughly 20% over that period. Equiniti serves nearly 3,000 issuer clients, supports more than 20 million registered shareholders and processes about $500 billion in payments each year.

Bullish chief executive Tom Farley described tokenization as “a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years.” Equiniti chief executive Dan Kramer said the transaction strengthens Equiniti’s ability to support clients as markets evolve while maintaining stability, service and trust for issuer clients and shareholders.