Bullish Shares Pop on $4.2 Billion Deal to Acquire Transfer Agent Equiniti

In brief

• Bullish announced a definitive agreement to acquire transfer agent Equiniti from private equity firm Siris Capital for $4.2 billion.
• The transaction includes $1.85 billion of assumed debt and $2.35 billion in Bullish stock at $38.48 per share.
• The combined entity will serve nearly 3,000 public companies while building regulated infrastructure for tokenized securities.

Bullish, the New York Stock Exchange-listed crypto exchange operator, announced a definitive agreement to acquire Equiniti, a global transfer agent, positioning the combined entity to lead the transition to tokenized securities markets.

The $4.2 billion transaction will see Bullish pay Siris Capital through a combination of assumed debt and stock consideration. Equiniti currently serves as the system of record for nearly 3,000 blue-chip public companies, managing relationships with over 20 million verified shareholders and processing approximately $500 billion in annual payments, according to the filing.

The deal structure values Bullish shares at $38.48 each, based on the company's 30-day volume-weighted average price as of May 4. Siris Capital, which acquired Equiniti in 2021, will receive two board seats in the combined entity.

"Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure," said Equiniti CEO Dan Kramer, in a statement. "This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti."

Bullish (BLSH) shares surged Tuesday following the announcement, currently up nearly 14% at a recent price of $46.33 after rising to $48.93 earlier in the day.

Frank Baker, co-founder and managing partner of Siris, said in a statement that the deal "reflects our strategy of backing tech-enabled services businesses at the center of market transformation."

The combined entity projects approximately $1.3 billion in pro forma revenue for 2026 and more than $500 million in adjusted EBITDA less capital expenditures. Management forecasts 6-8% annual revenue growth from 2027 through 2029, with tokenization and blockchain services expected to contribute 20% growth within that projection. The company targets an EBITDA less capex margin exceeding 50% by 2029, according to regulatory filings.

The acquisition represents a significant bet on tokenization transforming capital markets infrastructure. Stablecoins have demonstrated the potential, reaching over $320 billion in market capitalization and generating an estimated $33 trillion in trading volume last year per data from Artemis.

The Bullish-Equiniti combination aims to extend this tokenization model to traditional securities. The merged entity would create infrastructure for companies to issue and manage shares on blockchain networks while maintaining regulatory compliance. The transaction is expected to close in January 2027, pending regulatory approvals and customary closing conditions.

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