Bullish will acquire Equiniti for $4.2 billion through a combination of assumed debt and stock consideration, valuing Bullish shares at $38.48 based on the 30-day volume-weighted average price as of May 4. The transaction includes $1.85 billion of debt assumption and grants Siris Capital two board seats in the combined entity.

Equiniti serves as the system of record for nearly 3,000 public companies, managing over 20 million verified shareholder accounts and processing roughly $500 billion in annual payments. The acquisition positions Bullish to expand beyond crypto trading into global transfer agency services and accelerate its tokenized securities infrastructure.

The combined firm is projected to generate approximately $1.3 billion in pro forma revenue for 2026 with more than $500 million in adjusted EBITDA less capital expenditures. Management forecasts 6-8% annual revenue growth from 2027 through 2029, driven in part by tokenization and blockchain services expected to contribute one-fifth of that growth, and aims for an EBITDA less capex margin above 50% by 2029.

The deal is expected to close in January 2027 pending customary regulatory approvals and closing conditions. Upon completion, the merged entity will continue to develop infrastructure enabling companies to issue and manage blockchain-based securities while maintaining compliance with existing market regulations.