Bullish Bets On Equiniti To Tokenise Markets Arabian Post

The transaction is structured around about $2.35 billion in Bullish stock and $1.85 billion of assumed Equiniti debt, subject to customary adjustments. Bullish said the stock component is priced at $38.48 a share, based on its 30-day volume-weighted average price through May 4. The deal is expected to close in January 2027, pending regulatory approvals and other closing conditions.

The acquisition signals a strategic shift for Bullish, which is seeking to move beyond digital asset trading into the infrastructure layer that connects issuers, investors, exchanges and settlement systems. Tokenised securities, where ownership interests are represented on blockchain networks, remain a developing area but have gained sharper institutional attention as exchanges, custodians and market utilities explore faster settlement, round-the-clock trading and programmable compliance.

Equiniti brings Bullish a regulated and deeply embedded position in the securities market. Transfer agents maintain shareholder registers, support corporate actions, distribute dividends, process proxy materials and help issuers manage investor records. For tokenised securities to operate at scale, these functions must be integrated with legal ownership records, compliance checks and investor protections.

Bullish, led by former New York Stock Exchange president Thomas Farley, has framed the deal as a bridge between conventional market plumbing and blockchain-native systems. The company already operates a digital asset platform and owns CoinDesk, giving it exchange operations, crypto market visibility and media reach. Equiniti adds relationships with listed companies and the regulatory role needed to support tokenised equity and debt products.

The combined company expects to generate about $1.3 billion in adjusted revenue and more than $500 million in adjusted earnings before interest, tax, depreciation and amortisation less capital expenditure for 2026. Bullish projects annual revenue growth of 6 to 8 per cent from 2027 to 2029, with tokenisation and blockchain services expected to grow at a faster pace.

Siris Capital acquired Equiniti in 2021 and has since positioned the business as a technology-enabled shareholder services platform. The Bullish transaction includes an option for Siris to buy certain non-core Equiniti business lines, which have been excluded from the disclosed financial projections. Equiniti chief executive Dan Kramer is expected to continue leading the business.

The deal comes as traditional financial institutions accelerate work on tokenised assets. Market infrastructure groups are preparing systems for tokenised equities, exchange-traded funds and government securities, while exchanges are developing frameworks that allow securities to trade in tokenised form without altering investor protections or disclosure obligations. The regulatory direction remains cautious, but clearer guidance has encouraged large institutions to test blockchain-based models within established market rules.

Bullish's move also follows a stronger period for digital asset companies in public markets. The company listed in 2025 after raising more than $1 billion, becoming one of the biggest crypto-linked market debuts of that year. Its shares, however, came under pressure after the Equiniti announcement, reflecting investor concern over deal size, integration risk and potential dilution from the all-stock structure.

The commercial logic rests on whether tokenisation can move from pilot projects to daily market use. Advocates argue that blockchain-based securities could reduce settlement friction, support instant ownership updates, improve collateral movement and allow trading outside traditional market hours. Critics warn that technology alone does not remove legal, custody, liquidity and investor-protection challenges, especially for publicly traded securities.

Arabian Post – Crypto News Network