Bullish Acquires Equiniti for $4.2B to Lead Tokenized Securities Push

Bullish, a U.S. virtual asset platform, announced on the 5th (local time) that it has entered into a final agreement to acquire Equiniti, a global securities transfer agent and shareholder services provider, for $4.2 billion (approximately 6 trillion KRW), marking its formal entry into tokenized securities infrastructure.

Acquisition Details

Bullish stated that the acquisition creates a global transfer agent for tokenized securities and positions the company to lead the transition to blockchain-based capital market infrastructure. Equiniti currently serves 3,000 securities issuers, 15,000 corporate clients, and 20 million shareholders, processing approximately $500 billion (about 731 trillion KRW) in transactions annually.

Integration Strategy

Through the acquisition, Bullish plans to integrate blockchain-based token design, issuance, and operation with global distribution, liquidity provision, and the media and data research capabilities of its subsidiary CoinDesk. The company stated that the acquisition addresses a fundamental gap in market infrastructure by providing blockchain-optimized transfer agent services.

Strategic Rationale

Bullish emphasized that as capital markets enter a blockchain era centered on tokenized securities, the acquisition resolves the absence of a blockchain-optimized transfer agent—a critical infrastructure component previously lacking in the market.

Tom Farley, Bullish’s Chief Executive Officer, stated: “For broad adoption of tokenization by institutional investors, end-to-end tokenization, a single integrated ledger, and a large network of quality issuers are required. We are confident we possess all of these and are in a unique position to enable the transition to tokenized securities.”