Overview
- Bullish, which announced the agreement Tuesday, will buy transfer agent Equiniti in a $4.2 billion deal to fold core shareholder recordkeeping into its crypto market stack.
- The terms include about $1.85 billion of assumed Equiniti debt and roughly $2.35 billion in Bullish stock priced at $38.48 based on a 30‑day average.
- The combination is meant to support tokenized stocks by pairing Bullish’s exchange, clearing and custody with a regulated transfer agent that keeps the official shareholder ledger and processes corporate actions, with plans to stay compatible with DTCC, Euroclear and Clearstream.
- Equiniti serves nearly 3,000 issuer clients, tracks more than 20 million shareholders and handles about $500 billion in payments each year.
- Bullish projects about $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA less capex for 2026, and targets 6% to 8% annual revenue growth from 2027 to 2029 while Equiniti’s leadership continues to run day‑to‑day operations and Siris gains two board seats with an option on non‑core lines.