Bullish to Acquire Equiniti for $4.2 Billion

Bullish, a cryptocurrency exchange led by former New York Stock Exchange President Thomas Farley, announced on Tuesday that it will acquire Equiniti, a major global transfer agent, in a deal valued at $4.2 billion. The transaction aims to integrate blockchain technology with traditional capital markets by providing infrastructure for tokenized securities.

The deal includes approximately $2.35 billion in Bullish stock and $1.85 billion in assumed debt from Equiniti. Private equity firm Siris Capital, which purchased Equiniti in 2021, is the seller. The acquisition is expected to close in January 2027, subject to regulatory approvals.

Equiniti maintains shareholder records for nearly 3,000 publicly traded companies worldwide, including Berkshire Hathaway, Moody's and Rolls-Royce. It supports more than 20 million verified shareholders and processes about $500 billion in annual payments. Transfer agents like Equiniti handle ownership tracking, dividend distributions and corporate actions, functions essential for public markets.

Bullish stated the purchase addresses a key gap in tokenized finance: a regulated transfer agent compatible with blockchain-based assets. The combined company...