Bullish Acquires Equiniti for $4.2 Billion in Cryptocurrency Infrastructure Deal

Bullish, a leading provider of crypto infrastructure, has entered into a definitive agreement to acquire Equiniti, a global shareholder services provider, for a total consideration of $4.2 billion. The acquisition marks one of the largest deals linking traditional capital markets with crypto infrastructure.

The combined entity will leverage Equiniti's established shareholder recordkeeping business and Bullish's digital asset exchange and blockchain infrastructure to provide end-to-end tokenization services to institutional clients. This is a significant development in the push towards tokenized finance, where asset managers and exchanges explore blockchain-based issuance, settlement, and trading of traditional securities.

Tom Farley, CEO of Bullish, stated that the acquisition will deliver three critical components necessary for broad adoption at institutional scale: end-to-end tokenization services, a single unified ledger, and a broad base of blue-chip issuer relationships. The combined entity is expected to generate approximately $1.3 billion in adjusted revenue in 2026 and achieve annual revenue growth of 6% to 8% between 2027 and 2029.