The New York Stock Exchange-listed crypto exchange operator Bullish has announced a definitive agreement to acquire Equiniti, positioning the merged entity as a leader in transitioning to tokenized securities markets. The deal involves a $4.2 billion transaction where Bullish will compensate Siris Capital through assumed debt and stock considerations. As per its filings, Equiniti serves nearly 3,000 blue-chip public companies and manages relationships with over 20 million verified shareholders, processing about $500 billion in annual payments.
Bullish’s shares are valued at $38.48 each based on the company’s 30-day volume-weighted average price as of May 4. Siris Capital, which acquired Equiniti in 2021, will secure two board seats within the combined entity.
“Equiniti is central to global capital markets, providing clients with a resilient and trusted infrastructure,” stated Dan Kramer, CEO of Equiniti. “This transaction amplifies our capacity to support evolving markets while maintaining the stability, service, and trust that clients expect from us.”
Bullish’s stock (BLSH) saw an increase on Tuesday following the announcement, rising nearly 14% to $46.33 after reaching a peak of $48.93 earlier in the day.
Frank Baker, co-founder, and managing partner of Siris remarked that the deal underscores their strategy of investing in tech-driven service businesses pivotal to market transformation.
The combined entity projects approximately $1.3 billion in pro forma revenue for 2026 and more than $500 million in adjusted EBITDA less capital expenditures. Management anticipates annual revenue growth between 6-8% from 2027 through 2029, with tokenization and blockchain services expected to contribute a 20% increase within this projection. The company aims for an EBITDA less capex margin over 50% by 2029, as per regulatory filings.
This acquisition signals a significant move towards transforming capital market infrastructure via tokenization. Stablecoins have already shown potential, with over $320 billion in market capitalization and approximately $33 trillion in trading volume last year according to Artemis data.
The Bullish-Equiniti merger seeks to extend this tokenization model to traditional securities by creating blockchain-based infrastructure for issuing and managing shares while ensuring regulatory compliance. The transaction is anticipated to close in January 2027, subject to regulatory approvals and customary closing conditions.