By Time Nigeria Business Desk
Bullish has announced a landmark agreement to acquire Equiniti in a transaction valued at $4.2 billion, a move widely seen as one of the most ambitious efforts yet to merge traditional capital market infrastructure with blockchain-based financial technology. This is contained in press statement by Knowledge Bylanes through: info@knowledgebylanes.com and made available to Time Nigeria.
The statement stated: The acquisition, unveiled on Monday from George Town in the Cayman Islands, is expected to create what both companies describe as the world’s first fully integrated blockchain-enabled transfer agent platform for tokenized securities. The transaction signals a growing convergence between conventional financial systems and the rapidly evolving digital asset ecosystem.
Under the terms of the agreement, Bullish will assume approximately $1.85 billion of Equiniti’s debt while issuing about $2.35 billion worth of Bullish stock to complete the deal. The acquisition is expected to close in January 2027, pending regulatory approvals and customary closing conditions.
The development places Bullish at the center of what industry observers increasingly describe as the next major transformation in global finance — the tokenization of traditional assets such as equities, bonds, and other securities.
Equiniti currently serves nearly 3,000 issuer clients and over 20 million shareholders worldwide, processing an estimated $500 billion in annual payments. As one of the world’s leading transfer agents, the company plays a crucial role in maintaining shareholder records and facilitating corporate actions for blue-chip corporations across major global markets.
Bullish, on the other hand, has built its reputation as an institutional-grade digital asset infrastructure provider operating regulated crypto trading and blockchain-based financial services platforms. The combination of both firms is expected to bridge the gap between legacy financial systems and emerging blockchain-enabled markets.
Chief Executive Officer of Bullish, Tom Farley described the acquisition as a defining moment for the future of capital markets.
According to him, tokenization represents “a once-in-a-generation shift” capable of reshaping how global financial systems operate over the next quarter century.
Farley noted that institutional adoption of tokenized securities requires three major components: end-to-end tokenization services, a unified ledger system, and access to large-scale issuer relationships. He argued that the Bullish-Equiniti combination uniquely delivers all three.
Industry experts say the transaction could significantly accelerate institutional adoption of blockchain technology in mainstream finance by providing regulatory clarity and operational infrastructure that many traditional financial institutions have long demanded before entering the digital asset space.
The combined entity plans to offer a complete lifecycle solution for tokenized assets, including token design, issuance, compliance management, secondary trading, liquidity provisioning, and shareholder administration.
The company also aims to provide issuers with real-time visibility into shareholder ownership structures, replacing traditional systems that often require days or weeks to update records. Investors, meanwhile, are expected to benefit from 24-hour trading access, near-instant settlement, and frictionless movement of assets across markets.
Equiniti Chief Executive Officer, Dan Kramer said the agreement reflects a shared commitment to modernizing financial infrastructure in a secure and responsible manner.
Kramer emphasized that Equiniti’s long-standing clients rely heavily on stability, trust, and operational resilience, adding that the company intends to preserve those values while embracing technological transformation.
The acquisition also reflects the increasing influence of blockchain-based settlement systems in global finance. Stablecoins — often described as tokenized U.S. dollars — have grown dramatically over the past decade, with industry estimates placing their market capitalization above $300 billion and annual transaction volumes around $10 trillion.
Bullish believes this trend signals a broader migration of capital markets toward blockchain-native infrastructure.
The combined platform is expected to operate alongside existing global financial infrastructure providers such as Depository Trust & Clearing Corporation, Euroclear, and Clearstream rather than replacing them outright.
Regulatory compliance is expected to remain central to the strategy. The merged business will leverage Equiniti’s SEC-registered transfer agent status in the United States and its Financial Conduct Authority-regulated operations in the United Kingdom, alongside Bullish’s licensed digital asset infrastructure across multiple jurisdictions.
Financially, the companies project strong post-merger performance. On a combined basis, Bullish and Equiniti expect to generate approximately $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA less capital expenditures in 2026.
The company is forecasting annual revenue growth between 6 and 8 percent from 2027 through 2029, with tokenization and blockchain-related services projected to grow by roughly 20 percent during that period.
Management also projects annual EBITDA growth exceeding $100 million and targets an EBITDA margin above 50 percent by 2029.
Private equity firm Siris, which acquired Equiniti in 2021, played a major role in preparing the company for the transaction.
Siris Co-Founder and Managing Partner, Frank Baker said the deal validates the firm’s strategy of investing in technology-enabled infrastructure businesses positioned at the center of financial market transformation.
Following completion of the acquisition, Equiniti will continue operating under the Bullish umbrella alongside CoinDesk and Bullish Exchange. Dan Kramer and his leadership team are expected to retain responsibility for Equiniti’s daily operations and regulatory obligations.
The announcement is already drawing significant attention across global financial markets, with analysts viewing the deal as a bold attempt to position Bullish at the forefront of the emerging tokenized securities economy.
If successful, the merger could mark a historic turning point in the evolution of capital markets, blending the credibility and regulatory structure of traditional finance with the efficiency and transparency promised by blockchain technology.
