• Bullish has entered into a definitive agreement to acquire Equiniti, a leading global transfer agent serving nearly 3,000 issuer clients, 15,000 total corporate clients, 20 million shareholders, and processing $500 billion in annual payments.
• The combination creates the first fully integrated blockchain-enabled, blue-chip issuer services provider — unifying a regulated transfer agent with end-to-end tokenization infrastructure.
• ‍The $4.2 billion transaction comprises $1.85 billion of assumed Equiniti debt and aproximately $2.35 billion in Bullish stock consideration, subject to customary purchase price adjustments.
• ‍The pro forma combined company is expected to generate approximately $1.3 billion in adjusted total revenue and ~$500+ million in adjusted EBITDA less Capex for 2026E, and to thereafter achieve 6-8% combined 2027E-2029E revenue growth, including 20% revenue growth from tokenization and blockchain services.
• ‍The transaction is expected to close in January of 2027, subject to regulatoryapprovals and customary closing conditions.

Bullish (NYSE: BLSH), the institutional-grade digital asset platform, announced it has entered into a definitive agreement to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, in a transaction valued at $4.2 billion. The combination creates the global transfer agent for tokenized securities and aims to position Bullish to lead the shift toward blockchain-native capital markets infrastructure.

The acquisition brings together Bullish’s blockchain-native offering: token design, issuance, operation and compliance ;distribution through regulated markets globally; liquidity provisioning; and visibility through CoinDesk’s media, data, and research. Equiniti brings what every listed company in most major markets is required to have: a regulated transfer agent. As the system of record for nearly 3,000 blue-chip public companies, Equiniti processes approximately $500 billion in annual payments andsupports over 20 million verified shareholders. The combined platform, built to work alongside existing market infrastructure, supports the complete tokenized asset lifecycle.

A Generational Shift in Capital Markets

As capital markets move into a blockchain erawith tokenized securities, the combination will address a foundational gap in market infrastructure: the absence of a transfer agent built for the blockchain. The shift underway is profound: stablecoins (the tokenized U.S.dollar) have grown to over $300 billion in reported market capitalization and an estimated $10 trillion in annual payments volume in just a decade. This is one of the most significant structural transformations in capital markets since the advent of electronic trading, and the combined entity will be well positioned to be the operating system that powers it.

“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” said Tom Farley, CEO of Bullish. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”

Benefits Across the Ecosystem

The combination is expected to deliver concrete benefits across the ecosystem. As blockchain technology and tokenized real-world assets gain broader adoption, this combination will enable issuers to gain real-time cap table visibility — a significant upgrade from the days or weeks of lag in traditional registries —automated corporate actions, broader investor access, and lower costs. Investors will gain the ability to engage in 24/7 transactions, instant settlement, and frictionless asset movement. Bullish will provide secondary trading infrastructure for eligible tokenized equities outside the U.S., serving non-U.S. investors seeking liquidity in tokenized shares and bridging certificated and tokenized markets.

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure. When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way,” said Dan Kramer, CEO of Equiniti. “This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

The combined platform will be designed to interoperate with existing capital markets infrastructure — including CSDs suchas DTCC, Euroclear, and Clearstream, custodians, and broker-dealers — complementing existing books and records. It will operate within established regulatory frameworks, drawing on Equiniti’s SEC-registered transfer agentstatus and FCA-regulated UK operations alongside Bullish’s licensed digitalasset infrastructure, and is built to align with emerging regimes such as the EU DLT Pilot — giving institutional issuers and investors the regulatoryclarity needed for adoption at scale.

About the Transaction

Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development.

“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform withdeep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth. This outcome reflects our strategy of backing tech enabled services businesses atthe center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem,” said Frank Baker, Co-Founder and Managing Partner of Siris.

Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk. CEO Dan Kramer and the Equiniti leadership team will retain responsibility for day-to-day operations, regulatory obligations and client relationships. Bullish will provide strategic infrastructure and support to accelerate the companies’ shared tokenization roadmap. Siris will receive two board seats as part of the transaction. Closing is expected in January of 2027, subject to customary closing conditions and required regulatory approvals.

Key Financial Metrics

• The $4.2 billion transaction comprises $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration, subject to customary purchase price adjustments.
• Bullish stock consideration is priced at$38.48 per share, based on Bullish’s 30-day VWAP as of close on May 4, 2026.
• Transaction includes a call option for Siris to acquire non-core Equiniti business lines, the financials of which have been excluded from all transaction disclosures.
• On a pro forma combined basis, the companies are expected to generate approximately $1.3 billion in adjusted total revenue and ~$500+ million in adjusted EBITDA less Capex for 2026E, reflecting a highly profitable and scaled platform prior to the realization of synergies.
• Bullish expects to realize 6-8% annual revenue growth from 2027E to 2029E and greater than $100 million in annual EBITDA less Capex growth.
• 2029E exit run-rate EBITDA less Capex margintarget of ~50%+

Webcast

Bullish will host a conference call and webcast to discuss this transaction at 8:30 AM ET today, May 5th. The live webcast and accompanying presentation materials will be accessible via the Investor Relations section of Bullish’s website at investors.bullish.com

Advisors

Goldman Sachs & Co.LLC served as exclusive financial advisor to Bullish. Morgan, Lewis & Bockius LLP served as legal counsel. Alvarez & Marsal also advised Bullish.

Evercore and FT Partners served as lead financial advisors to Siris, as well as Wells Fargo and LionTree Advisors. Sidley Austin LLP served as legal counsel to Siris.

Source: Bullish