BLSH · Bullish

Bullish announced the acquisition of Equiniti, a leading global transfer agent with over 2,500 public company clients, including approximately 35% of the S&P 500 and more than 50% of the FTSE 100. The transaction combines Bullish's blockchain and tokenization capabilities with Equiniti's entrenched issuer relationships and traditional finance ledger infrastructure. The combined entity is expected to have pro forma 2026 revenue of approximately $1.3 billion and adjusted EBITDA less capex of approximately $500 million, before any transaction synergies. Equiniti processes $500 billion in annual issuer payments, representing a secondary opportunity for platform modernization. The acquisition aims to create the world's largest blockchain-enabled issuer services provider, targeting the $270 trillion global securities market through tokenization. Bullish and Equiniti have already collaborated to build a unified ledger that can move between traditional finance and blockchain rails, serving as the legal authority for holdings across Equiniti's nearly 3,000 public companies. The transaction is subject to regulatory approvals and other closing conditions.