Bullish
TradingActive· US

Bullish

A crypto exchange buying a transfer agent for $4.2B reads as a category bet, not a roll-up. Public-company shareholder records become the next interface for tokenized issuance, with Bullish owning the rails.

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Brief

NYSE-listed institutional digital asset platform (ticker: BLSH). Owns CoinDesk and runs a regulated exchange. May 5, 2026: agreed to acquire Equiniti from Siris Capital for $4.2B, including $1.85B of assumed debt and $2.35B in Bullish stock at $38.48/share. The combined entity targets being the global transfer agent for tokenized securities, offering 24/7 trading and stablecoin settlement to ~3,000 public-company issuers. Pro-forma 2026E revenue ~$1.3B. Closing expected January 2027.

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Recent activity

Latest moves on the changelog feed.

  • May 5, 2026NEW

    Bullish (NYSE:BLSH). $4.2B definitive agreement to acquire Equiniti from Siris. Combined entity targets being the global transfer agent for tokenized securities. ~3,000 public-company issuers, $500B in annual payments, 20M+ verified shareholders. Closes January 2027.

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Snapshot

Key terms and identifiers.

Asset classes
Equities
Jurisdiction
US
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Milestones

How this player got here.

  1. May 2026$4.2B definitive agreement to acquire Equiniti from Siris
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Connections

Who they build with, build on, integrate with.

Dependency

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