2 hours ago
1
Bullish, the institutional-grade digital asset exchange backed by Peter Thiel, is set to acquire Equiniti, a global transfer agent and official record-keeper for nearly 3,000 publicly traded companies, in a deal valued at $4.2 billion, according to a Tuesday statement.
The transaction comprises $1.85 billion in debt and about $2.35 billion in Bullish equity, and is projected to generate roughly $1.3 billion in revenue and more than $500 million in EBITDA (excluding capex) in 2026, with expected growth of 6–8% and additional upside from tokenization services.
With tokenization accelerating the transition to blockchain-era capital markets, the deal aims to address the absence of a transfer agent designed for this ecosystem, which Bullish identified as a critical gap.
“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” Bullish CEO Tom Farley stated. “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”
The move would establish the world’s first fully integrated global transfer agent for tokenized securities, according to Bullish. It combines the firm’s end-to-end blockchain infrastructure with Equiniti’s large-scale issuer services platform.
The platform aims to modernize capital markets by enabling tokenized securities with real-time ownership tracking, faster settlement, and broader investor access, while remaining interoperable with existing systems and regulatory frameworks, Bullish stated.
The deal is expected to close in January 2027, pending regulatory approvals and customary conditions.
Equiniti is deeply embedded in global capital markets, serving clients who depend on a reliable infrastructure. Equiniti CEO said the company’s mission is to assist clients in streamlining their operations through a balanced approach that blends experience with technology, and that the deal strengthens this effort while preserving trust and service standards.
Siris acquired Equiniti in 2021 to expand organically through cross-selling and targeted acquisitions in transfer agency services. It later merged Equiniti with US-based AST to form a larger global platform, driving operational improvements, leadership changes, and efficiency gains that greatly increased profitability ahead of its sale to Bullish.
Bullish gained 3.5% at Monday’s market close. The stock gave back some of those gains ahead of Tuesday’s pre-market session, per Yahoo Finance.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
English (US) · 