Crypto Exchange Bullish Strikes $4.2 Billion Deal to Acquire Equiniti

Bullish (NYSE: BLSH), the exchange platform specializing in digital assets, has signed a binding agreement to acquire Equiniti, one of the world’s leading transfer agents. The transaction value amounts to $4.2 billion. Notably, Bullish itself is currently valued on the stock exchange at approximately $6.1 billion. The acquisition thus corresponds to almost 70 percent of its own market capitalization.

Bullish’s stock has shed considerable value after a strong start on the exchange in August 2025, losing approximately 40 percent of its value to date. Currently, the company’s exchange does not even rank among the top 100 crypto exchanges by trading volume. In this respect, a fresh story such as the acquisition is important to once again fire investors’ imagination.

Details of the Transaction

The seller is private equity firm Siris, which had acquired Equiniti in 2021. The total sum of $4.2 billion consists of two components: Bullish assumes existing Equiniti debt of $1.85 billion and additionally pays approximately $2.35 billion in its own shares. The share price for calculating the consideration was set at $38.48 per share, based on Bullish’s volume-weighted 30-day average price as of May 4, 2026.

As part of the agreement, Siris receives two seats on Bullish’s board of directors. Additionally, the transaction includes a purchase option for Siris on Equiniti business units not belonging to the core business. The closing of the transaction is expected for January 2027, subject to regulatory approvals and customary closing conditions.

What Equiniti Brings

Equiniti is a regulated transfer agent headquartered in the United Kingdom and the United States. The company states that it serves nearly 3,000 listed companies as issuer clients as well as a total of 15,000 corporate clients. In addition, there are more than 20 million registered shareholders. Equiniti processes payments of approximately $500 billion annually. The company holds SEC-registered status as a transfer agent in the US as well as an FCA-regulated presence in the United Kingdom.

Strategic Rationale

Bullish justifies the acquisition with the structural shift of capital markets toward blockchain-based infrastructure. The combined company is intended, according to Bullish, to cover the entire value chain of tokenized securities: from conception and issuance through trading to custody and settlement. As a reference point for growth potential, Bullish points to stablecoins — tokenized US dollars — which have now reached a market capitalization of over $300 billion and an estimated annual payment volume of approximately $10 trillion.

“Tokenization is a generational shift in how capital markets function, the defining infrastructure trend of the next 25 years. Broad adoption at the institutional level requires three things: end-to-end tokenization services, a unified ledger, and a broad base of top-tier issuer relationships at scale. This combination delivers all three,” said Tom Farley, CEO of Bullish.

Dan Kramer, CEO of Equiniti, emphasized continuity for existing clients. He and his leadership team are to continue to be responsible for day-to-day operations, regulatory obligations, and client relationships.

“This transaction strengthens our ability to support clients in an evolving market environment, while maintaining the stability, service, and trust they expect from Equiniti,” said Dan Kramer, CEO of Equiniti.

Financial Expectations

On a combined pro forma basis, Bullish expects the following key figures for the current year 2026:

• Adjusted total revenue of approximately $1.3 billion
• Adjusted EBITDA less capital expenditures of more than $500 million
• Annual revenue growth of 6 to 8 percent for the period 2027 to 2029
• Revenue growth of 20 percent in the tokenization and blockchain services segment
• Annual EBITDA growth (less capex) of more than $100 million
• Target EBITDA margin (less capex) of more than 50 percent by end of 2029

The stated projections are subject to the successful integration of both companies and the realization of expected synergies. Equiniti will in future operate under the Bullish umbrella alongside the Bullish Exchange trading platform and media and data provider CoinDesk.