Bullish Set to Acquire Equiniti in Multibillion-Dollar Blockchain Deal

Bullish, a prominent player in the cryptocurrency and blockchain space, has made headlines with its announcement of an impending acquisition. The company plans to take over Equiniti, a well-established provider of securities transfer services, in a deal worth around $4.2 billion.

The transaction involves Bullish assuming approximately $1.85 billion in debt from Equiniti and contributing around $2.35 billion in shares. By integrating Equiniti's infrastructure with its own blockchain platform, Bullish aims to create the first global transfer agent tailored for tokenized securities.

Equiniti operates as a registrar for over 3,000 top-tier public companies, processes an annual payment volume of around $500 billion, and supports more than 20 million verified shareholders. This regulated infrastructure is expected to complement Bullish's services, which cover token design, issuance, operation, and compliance.

According to Tom Farley, CEO of Bullish, the acquisition marks a significant step towards institutional adoption of tokenization technology. He noted that the three essential elements for widespread adoption – end-to-end tokenization services, unified registries, and consolidated relationships with top-tier issuers – are now being brought together.

Bullish projects substantial revenue growth in 2026, forecasting approximately $1.3 billion in adjusted revenues and more than $500 million in adjusted EBITDA. The deal is subject to regulatory approvals and is expected to close in January 2027.