Bullish announced it entered into a definitive agreement to acquire Equiniti from Siris in a transaction valued at approximately $4.2 billion, combining a regulated global transfer agent with blockchain-enabled tokenization infrastructure.
The transaction includes approximately $1.85 billion of assumed Equiniti debt and roughly $2.35 billion in Bullish stock consideration, subject to customary adjustments. The companies expect the deal to close in January 2027 pending regulatory approvals and customary closing conditions.
Bullish said the acquisition creates what it describes as the first fully integrated blockchain-enabled issuer services provider focused on tokenized securities and blockchain-native capital markets infrastructure. The combined company is expected to support the complete lifecycle of tokenized assets, including token issuance, compliance, liquidity, shareholder administration, and settlement infrastructure.
Equiniti currently serves nearly 3,000 issuer clients, more than 12,000 organizations, and over 20 million shareholders globally while processing approximately $500 billion in annual payments.
Bullish said the acquisition addresses what it views as a foundational gap in blockchain-based financial infrastructure through the integration of a regulated transfer agent with tokenization capabilities and digital asset trading infrastructure.
The companies said the combined platform is intended to operate alongside existing financial market infrastructure, including DTCC, Euroclear, Clearstream, custodians, and broker-dealers, while supporting future tokenized securities frameworks under existing and emerging regulatory regimes.
Bullish expects the combined company to generate approximately $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA less capital expenditures during 2026 on a pro forma basis. The company projects annual revenue growth of 6% to 8% between 2027 and 2029, including approximately 20% growth from tokenization and blockchain-related services.
Following the transaction, Equiniti will continue operating under the Bullish umbrella alongside Bullish Exchange and CoinDesk, with Equiniti CEO Dan Kramer and the existing leadership team maintaining day-to-day operational responsibilities.
Goldman Sachs served as exclusive financial advisor to Bullish, while Evercore and FT Partners served as lead financial advisors to Siris.
KEY QUOTES:
“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years. Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”
Tom Farley, CEO, Bullish
“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure. When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way. 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.”
Dan Kramer, CEO, Equiniti
“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth. This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”
Frank Baker, Co-Founder And Managing Partner, Siris
