Bullish bought Equiniti for $4.2 billion: $1.85 billion in assumed debt and roughly $2.35 billion in Bullish stock priced at $38.48 per share, based on a 30-day volume-weighted average price. The companies announced the deal Tuesday.
What does the buyer actually get? Equiniti processes roughly $500 billion in payments annually, supports about 20 million shareholders, and counts 15,000 corporate clients and 3,000 digital-asset issuers. It’s capital markets infrastructure at institutional scale, and Bullish can’t build that client network from scratch.
Bullish CEO Tom Farley framed the deal as filling a gap in capital markets infrastructure: no regulated, blockchain-native transfer agent exists. Farley says institutional-scale tokenization requires three things: end-to-end tokenization services, a unified ledger, and blue-chip issuer relationships at scale. Together, the companies say they’ll enable 24/7 transactions, instant settlement, and frictionless asset movement across the full life cycle of tokenized assets.
The financial projections are specific. Combined adjusted total revenue is expected to hit roughly $1.3 billion, with revenue growth targets of 6% to 8% annually over the next three years. Tokenization and blockchain services alone are projected to grow at 20% in that window. Farley called tokenization “the defining infrastructure trend of the next 25 years.” Equiniti CEO Dan Kramer called it a deal that preserves client stability and trust while enabling market modernization.
The deal closes in January 2027.
Diana Kowalski