Bullish has agreed to acquire Equiniti globally in a $4.2 billion transaction aimed at integrating blockchain-based market architecture and systems, which represents one of the key features associated with a symbol security.
The partnership combines Bullish’s digital platform with Equiniti’s work as a record custodian for public companies. Equiniti serves approximately 3,000 customers, serves more than 20 million owners and manages approximately $500 billion in payments annually. Transfer agents keep the records of the shareholders, supervise the distribution of shares and control the activities of the companies, placing them at the center of the equity market.
Bottom line, Bullish they will think Equiniti’s $1.85 billion in debt is issuing about $2.35 billion in stock, according to the filing. The companies expect the deal to close in January 2027, pending regulatory approval.
The combined company is expected to generate $1.3 billion in adjusted revenue in 2026, with more than $500 million in adjusted EBITDA revenue. Bullish expects revenue growth of 6% to 8% from 2027 to 2029, with tokenization and blockchain services contributing to a larger share over time.
Blockchain tech is making a push
The project reflects a growing push across financial markets to bring equities and other assets to the blockchain. Bullish managers plan the acquisition as a solution to a well-known market gap: the lack of a regulatory agent designed for digital securities.
Bullish offers token creation, issuance, tracking and trading services, along with trading and market capitalization through its CoinDesk ownership. Equiniti facilitates a sustainable relationship with companies that are listed and regulated, as well as its role as a shareholder ownership structure.
Together, the businesses plan to provide an integrated platform that spans the entire lifecycle of branded products, from delivery to inventory management and secondary sales. The system is designed to work with existing infrastructure, including central depositories, custodians and brokers.
Workers argue that the system could allow donors to track their ownership in real time, instead of a settlement process that can take days. The platform also aims to generate business activity and increase revenue opportunities across sectors. For investors, the model promises continuous sales, fast settlement and fewer intermediaries.
Bullish said he plans to support the sale of tokenized equities outside of the United States, targeting global investors who want exposure to digital shares. The platform will also include a traditional token-based authentication platform, allowing everything to be integrated into one system.
Equiniti will continue to operate under its existing leadership, with CEO Dan Kramer and his team responsible for day-to-day operations, customer relations and compliance. Bullish will provide infrastructure and strategic support for tokenization initiatives.
Private equity firm Siris, which acquired Equiniti in 2021, will receive two seats in the combined company. The agreement also includes a license to allow Siris to acquire other non-core businesses.
The acquisition comes amid rising consolidation across the digital financial sector, as companies seek to create end-to-end financial platforms that integrate transactions, savings, payments and tracking.
Yesterday, The Depository Trust & Clearing Corporation he said will begin testing tokenized securities trading in July 2026, with full implementation planned for October. The project will be managed by its subsidiary, the Depository Trust Company, which has more than $114 trillion in assets, confirming the scale of the change.
