Bullish to Buy Equiniti for $4.2B to Add Transfer Agent

Bullish agreed to acquire Equiniti from private equity firm Siris for $4.2 billion, the companies announced Tuesday. The deal assumes $1.85 billion of Equiniti debt and issues about $2.35 billion of Bullish stock, priced at $38.48 per share.

Bullish brings tokenization and blockchain issuance and compliance technology. Equiniti provides SEC-registered transfer-agent services for about 20 million shareholders and operates payments and record-keeping systems that process roughly $500 billion in payments annually.

The combined platform will use Equiniti’s transfer-agent status and its FCA-regulated U.K. operations alongside Bullish’s licensed digital-asset infrastructure. The companies say the service will operate with existing market systems, including central securities depositories such as DTCC, Euroclear and Clearstream, as well as custodians and broker-dealers.

The firms expect the platform to provide issuers with real-time cap table visibility and automated corporate-action processing. Investors would have 24/7 transaction capability, faster settlement and simpler movement of tokenized shares. Bullish plans to offer secondary trading infrastructure for eligible tokenized equities outside the United States.

On a pro forma basis for 2026, the combined company projects about $1.3 billion in adjusted total revenue and more than $500 million in adjusted EBITDA less capital expenditures. Bullish forecasts roughly 20% annual revenue growth from tokenization and blockchain services through 2029.

Equiniti will remain an operating unit within the Bullish group, with CEO Dan Kramer and the existing management team keeping responsibility for day-to-day operations, regulatory obligations and client relationships. Siris will receive two board seats and holds a call option to acquire certain non-core business lines excluded from the disclosed terms.

The transaction is subject to customary regulatory approvals, including reviews in the United States and the United Kingdom. The companies expect the deal to close in January 2027.