Bullish to Acquire Equiniti for $4.2 Billion on Tuesday, Combining Crypto Exchange With Transfer Agent

According to Bullish, on Tuesday the crypto exchange agreed to acquire Equiniti, a global transfer agent, from private equity firm Siris in a $4.2 billion transaction. The deal includes $1.85 billion of assumed debt and approximately $2.35 billion in Bullish stock priced at $38.48 per share.

Equiniti processes $500 billion in annual payments and maintains records for 20 million shareholders. The combined platform merges Bullish’s blockchain infrastructure with Equiniti’s SEC-registered transfer agent status, designed to operate alongside existing capital markets infrastructure including DTCC, Euroclear, and Clearstream. On a pro forma basis, the combined company is projected to generate approximately $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA for 2026, with expected 20% annual revenue growth from tokenization services through 2029. Closing is expected in January 2027, subject to regulatory approvals.