Crypto Exchange Bullish to Buy Equiniti for $4.2 Billion in Tokenization Push

Securities tokenization moves traditional assets such as equities and their ownership records onto blockchains. Large-scale adoption requires not only trading and issuance tools but also regulated shareholder registries and corporate-action services. Bullish provides digital-asset trading infrastructure, while Equiniti serves nearly 3,000 listed companies and more than 20 million shareholders. Combining the two could complete the chain from issuers to secondary trading.

Bullish announced on May 5, 2026, that it would acquire Equiniti from private equity firm Siris in a transaction valued at $4.2 billion, including the assumption of $1.85 billion in debt and about $2.35 billion in Bullish stock. The deal is expected to close in January 2027, subject to regulatory approval. The company estimates the combined business would generate about $1.3 billion in adjusted revenue in 2026 and more than $500 million in adjusted EBITDA less capital expenditures.