Crypto platform Bullish has agreed to buy Equiniti from private equity firm Siris for about $4.25 billion (including debt), marking a major push into tokenized securities. The deal brings a traditional transfer agent into a blockchain-focused platform, linking core financial infrastructure with digital assets. As a result, Bullish aims to build a system that connects existing markets with tokenized finance.
In the announcement, the platform said the acquisition will fold Equiniti’s regulated services into its wider platform, including token issuance, trading, and compliance. The move strengthens its effort to offer end-to-end support for tokenized assets. Bullish CEO Tom Farley said, “Tokenization is a once-in-a-generation shift in how capital markets operate.”
Building core infrastructure for tokenized markets
The deal gives Bullish a foothold in traditional finance through Equiniti’s transfer agent business. Equiniti supports nearly 3,000 public companies and handles about $500 billion in annual payments. It also serves more than 20 million shareholders worldwide. That scale adds weight to Bullish’s push into tokenized markets.
Bullish plans to combine its blockchain tools with Equiniti’s existing infrastructure. The focus includes token design, issuance, and regulated distribution. The platform will cover the full lifecycle of tokenized assets. It will also link with established systems such as DTCC, Euroclear, and Clearstream.
Industry shift gains momentum
The deal reflects a broader shift as financial firms move toward blockchain-based systems. Stablecoins now hold over $300 billion and support about $10 trillion in yearly transactions. As a result, companies are pushing to build infrastructure that can support tokenized securities at scale.
Equiniti CEO Dan Kramer said the move fits that direction. He stated, “Market infrastructure should modernize thoughtfully, securely, and with clients leading the way.” The combined business will continue to operate under existing rules, including oversight from the SEC and the FCA.
Financial outlook and strategic growth
The deal includes $1.85 billion in assumed debt and about $2.35 billion in stock. Bullish priced its shares at $38.48, based on its recent average. The combined company expects roughly $1.3 billion in revenue in 2026. It also projects more than $500 million in adjusted earnings.
Bullish anticipates consistent growth until 2029. The company aims to have yearly revenue growth of around 8%, along with improving margin metrics. Therefore, this acquisition solidifies its presence as one of the crucial players within the tokenized finance ecosystem.
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