Bullish (Bullish (BLSH)) said Tuesday it has agreed to acquire Equiniti from Siris in a $4.2 billion transaction, aiming to create a global transfer agent for tokenized securities. The idea is to bring stocks onto the blockchain, making them easier to trade and manage.

Equiniti is no small player. It serves nearly 3,000 issuer clients and 15,000 corporate clients, supporting more than 20 million shareholders and processing about $500 billion in annual payments. That's a lot of paper (or digital records) to convert.

The deal combines Bullish's blockchain infrastructure with Equiniti's regulated transfer agent capabilities to deliver end-to-end tokenization services. Think of it as taking the old-school system of tracking who owns what and putting it on a distributed ledger.

The transaction includes $1.85 billion in assumed debt and about $2.35 billion in Bullish stock, priced at $38.48 per share based on a 30-day VWAP as of May 4, 2026. Closing is expected in January 2027, pending regulatory approvals. The deal also includes a call option for Siris to acquire non-core Equiniti business lines, the financials of which have been excluded from all transaction disclosures.

As of December 2025, Bullish held $87.9 million in cash and cash equivalents. That's not a ton of cash for a $4.2 billion deal, but the stock component helps.

Strategic Rationale

Bullish said the acquisition addresses a key gap in capital markets infrastructure as tokenized securities gain traction. The combined platform will support the full lifecycle of digital assets, including issuance, trading, and compliance, while integrating with existing systems such as DTCC, Euroclear, and Clearstream. In other words, it's trying to bridge the old world and the new.

Financial Outlook and Structure

The combined company is expected to generate about $1.3 billion in adjusted revenue and more than $500 million in adjusted EBITDA less Capex in 2026. Bullish forecasts 6% to 8% annual revenue growth from 2027 through 2029, including faster expansion in blockchain services.

Siris, which acquired Equiniti in 2021, will receive two board seats. The agreement also includes an option for Siris to acquire certain non-core business lines.

Goldman Sachs advised Bullish, while Evercore and FT Partners led advisory work for Siris.

BLSH Price Action: Bullish shares were up 12.76% at $41.69 at the time of publication on Tuesday.

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