Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push
The logo for Bullish, a cryptocurrency exchange operator, is displayed during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., August 13, 2025. REUTERS/Brendan McDermid/File Photo
May 5 : Bullish said on Tuesday it will buy transfer agent Equiniti in a deal valued at $4.2 billion, as the cryptocurrency exchange looks to establish infrastructure to bridge blockchain technology with traditional capital markets.
Shares of the Peter Thiel-backed exchange fell about 6 per cent in premarket trading.
The acquisition gives the institutional crypto platform, led by former NYSE President Thomas Farley, access to a regulated transfer agent — a firm that tracks registered shareholders for companies that issue stocks — to underpin its operations.
As capital markets shift toward blockchain-based settlement, the absence of a regulated transfer agent built for the technology has been viewed as a primary hurdle for institutional adoption.
"Tokenization is a once-in-a-generation shift in how capital markets operate," Farley said in a statement, adding that the combination provides the "blue-chip issuer relationships" necessary to scale the transition.
Dealmaking also has seen a rebound in 2026 after a slow start to the year, with geopolitical uncertainty having dampened boardroom appetite for mergers and acquisitions.
The transaction includes about $1.85 billion of assumed debt and roughly $2.35 billion in Bullish stock, the company said.
Bullish said it is buying Equiniti from private-equity firm Siris Capital, which had acquired the company in 2021.
The crypto exchange, which went public in 2025, expects annual revenue growth of 6 per cent to 8 per cent from 2027 to 2029, along with more than $100 million in annual growth in EBITDA less capital expenditure.
Equiniti processes about $500 billion in annual payments and supports over 20 million verified shareholders.
The deal is expected to close in January 2027, subject to regulatory approvals, Bullish added.
