Bullish is making a major bet on tokenized securities by agreeing to acquire Equiniti for roughly $4.2 billion. The deal, which includes both equity and debt components, is set to close in early 2027, pending green lights from regulators.
Equiniti serves as a transfer agent for nearly 3,000 public corporations, including well-known names like Berkshire Hathaway, Moody’s, and Rolls-Royce. This acquisition gives Bullish direct access to the infrastructure that manages shareholder records, dividends, and investor communications.
Following the merger, Bullish and Equiniti plan to roll out tokenization services for corporate issuers. These services are expected to feature round-the-clock securities trading and settlement using stablecoins, aiming to modernize traditional market processes.
The move comes after Bullish’s own public listing in August 2025, which raised $1.1 billion on the NYSE. Since then, the firm has posted strong quarterly results, including a 71% jump in adjusted revenue year-over-year, and expanded into crypto options and U.S. spot trading.
Other players are also advancing in tokenization. Securitize, for instance, intends to launch natively tokenized public stocks with onchain shareholder rights. MetaMask recently integrated over 200 tokenized U.S. stocks and ETFs through Ondo Finance. Stablecoin settlement is gaining traction too, with Circle pushing for broader EU market access.
Bullish’s deal with Equiniti positions it to compete directly in this growing space, bridging traditional transfer agent functions with blockchain-based securities.