Nasdaq-listed Bullish is set to acquire global transfer agent Equiniti as the crypto exchange banks on the push towards bridging blockchain technology with traditional capital markets.
The deal, announced on Tuesday, will see Bullish pay nearly $4.2 billion for the acquisition, making it one of the largest crypto-linked deals ever. The purchase has surpassed Coinbase’s $2.9 billion takeover of Deribit to stand at the top of the most expensive acquisitions in the crypto sector.
However, despite the optimistic news, shares of the Peter Thiel-backed exchange fell about 6 percent in premarket trading.
The agreement comes at a time when the crypto sector is witnessing a rise in purchases and deals with negotiations increasing again during 2026 after an early-year lull. Prior to this, continued geopolitical disputes have made businesses reluctant to engage in mergers and acquisitions due to uncertain market conditions, making decision-making difficult.
However, with some of the aforementioned uncertainties now dissipating, confidence is slowly being restored, enabling businesses to reconsider halted negotiations in certain areas where mergers and acquisitions could aid growth or enhance their competitive advantage.
Bullish gains shareholder infrastructure with Equiniti deal
The acquisition gives Bullish, led by former NYSE President Thomas Farley, access to a regulated transfer agent. In simple terms, this means the company can now handle and track official shareholder records for firms that issue stocks, something that sits at the core of traditional markets.
The deal will likely position Bullish better to connect blockchain-based systems with existing financial infrastructure while staying aligned with regulatory requirements.
It delivers an unprecedentedly comprehensive set of blockchain-powered services solutions for blue chip issuers, which brings together an SEC-regulated transfer agency and full stack tokenization capabilities.
Synergies of the deal
The total deal value amounts to $4.2 billion, consisting of $1.85 billion of acquired debt from Equiniti and $2.35 billion of Bullish shares, adjusted according to the usual purchase price adjustments.
The combined enterprise post the completion of the deal is anticipated to record around $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA, excluding the capital expenditure for the 2026 earnings calendar.
The deal will also produce nearly 6 percent-8 percent combined annual growth through 2027-2029, including 20 percent revenue growth attributed to tokenization and blockchain services.
“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.”
Deal designed to plug into existing global market systems
Bullish has mentioned in its official announcement that the integrated platform will be developed with the intention of working seamlessly with existing capital markets infrastructure.
This included CSDs like DTCC, Euroclear, and Clearstream, custodians, and brokers/dealers, thus supplementing existing books of record.
The platform will also work within regulatory frameworks and harness Equiniti’s transfer agent registration under the SEC and its FCA-regulated UK operation, in addition to Bullish’s licensed digital asset infrastructure.
Equiniti will operate as a stand-alone company within the Bullish Group along with Bullish Exchange and CoinDesk. Dan Kramer, Equiniti’s CEO, and his team will be in charge of the ongoing management and operations of the business, which includes handling regulatory issues and customer relations.
At the same time, Bullish will focus more on providing strategic leadership in the infrastructure necessary to advance the joint tokenization strategy. The transaction is expected to be completed in January 2027, subject to certain customary closing conditions.
