Crypto firm Bullish has agreed to acquire global transfer agent Equiniti in a $4.2 billion deal, combining traditional shareholder services with blockchain-based infrastructure.
The transaction, expected to close in January 2027 pending regulatory approvals, includes $1.85 billion in assumed debt and about $2.35 billion in stock.
The deal brings together Bullish's digital asset platform with Equiniti's established role serving nearly 3,000 issuer clients and managing relationships with roughly 20 million shareholders. Equiniti processes about $500 billion in annual payments, making it a central player in global capital markets infrastructure, according to Reuters.
The combined company will seek to integrate blockchain-based tokenization with the traditional transfer agent model, which maintains official records of share ownership. This structure is widely used across major markets and is required for listed companies. Bullish said the platform will support the full lifecycle of tokenized assets, including issuance, trading and compliance, details that were also outlined by CoinDesk.
The acquisition comes as financial systems continue to evolve alongside broader global disruptions, including ongoing conflicts that have reshaped capital flows, sanctions regimes, and cross-border payments. Governments and institutions have increasingly explored blockchain-based systems to improve transparency and resilience in financial infrastructure, The Wall Street Journal reported.
Executives from both companies framed the deal as part of a larger structural shift in how securities are issued and traded. Bullish CEO Tom Farley said the integration addresses gaps in current infrastructure by combining tokenization tools with established issuer relationships. Equiniti CEO Dan Kramer said the company's role in maintaining reliable shareholder systems will continue as markets modernize.
Bullish expects the combined entity to generate about $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA for 2026 on a pro forma basis. Growth projections and financial structure were also cited by Investing.com.
The deal also reflects increasing interest in tokenization, where traditional financial assets such as equities are represented digitally on blockchain networks. Stablecoins alone have reached a market capitalization exceeding $300 billion, with annual transaction volumes estimated in the trillions, as referenced by Axios.
Under the agreement, Equiniti will continue operating with its existing leadership while integrating into Bullish's broader platform, which includes its exchange business and media arm CoinDesk. Private equity firm Siris, which acquired Equiniti in 2021, will receive stock consideration and retain board representation, according to Barron's.
The combined company is designed to work alongside existing financial infrastructure such as central securities depositories and custodians, rather than replace them. This includes interoperability with systems like DTCC and Euroclear, a point emphasized by Ledger Insights.
The acquisition stands as one of the largest recent deals linking cryptocurrency firms with traditional financial services, reflecting a broader convergence between the two sectors as institutions respond to market volatility, regulatory developments and geopolitical pressures affecting global finance.
