Crypto exchange Bullish has agreed to acquire transfer agent Equiniti in a $4.2 billion deal, including debt, as it pushes further into tokenizing stocks and traditional financial assets.
The acquisition, expected to close in January 2027 pending regulatory approval, will see Bullish assume $1.85 billion in Equiniti’s debt. The deal is structured as an all-stock transaction with private equity firm Siris Capital.
Bullish $BLSH is buying transfer agent Equiniti in a $4.2B deal, including debt, as the crypto exchange pushes deeper into tokenized stocks. Equiniti serves nearly 3,000 public companies & they plan to offer issuers trading, registry, and settlement tools for tokenized securities pic.twitter.com/gKJRpJf7JW
— Wall St Engine (@wallstengine) May 5, 2026
Tokenization Push Targets 24/7 Markets
Following the acquisition, Bullish and Equiniti plan to build a full-service tokenization platform for corporate issuers. The offering will include round-the-clock trading of tokenized securities and settlement using stablecoins.
The move reflects a broader shift toward blockchain-based financial infrastructure, where assets can trade continuously and settle instantly, reducing reliance on traditional market hours and clearing systems.
Bullish said the combined platform will support both traditional shares and digital tokens within a single system. Tokenized assets are expected to trade on the Bullish exchange, while Equiniti will handle shareholder records and regulatory requirements.
Traditional Finance Infrastructure Meets Crypto Rails
Equiniti services nearly 3,000 public companies, including major firms like Berkshire Hathaway, Moody’s, and Rolls-Royce. As a transfer agent, it manages shareholder records, dividend distribution, and ownership tracking—core functions in capital markets.
Bullish, launched in 2021 and focused on institutional clients, is positioning the deal as a bridge between legacy financial infrastructure and blockchain-based systems. The company has already tokenized its own shares and is expanding into broader capital markets use cases.
The acquisition comes as major financial institutions accelerate tokenization efforts, with exchanges and clearinghouses exploring blockchain-based settlement and asset issuance.
By combining Equiniti’s registry capabilities with its own trading infrastructure, Bullish is aiming to bring regulated tokenized securities closer to mainstream adoption.
In another development, Grayscale Investments has outlined a more constructive outlook for 2026, citing sustained macro demand for alternative stores of value and clearer regulatory frameworks as drivers of renewed growth across digital asset markets.
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