Bullish bought Equiniti for $4.2 billion this week, splitting the payment between $1.85 billion in assumed debt and $2.35 billion in stock. The deal aims to combine blockchain systems with traditional market infrastructure to handle tokenized securities from issuance to trading. Closing is expected in January 2027 after regulators sign off.
Deal Terms and Leadership
Equiniti will keep its current CEO Dan Kramer and leadership team under Bullish's umbrella. Private equity firm Siris, which bought Equiniti in 2021, secured two board seats and can buy certain non-core business lines. The merged entity should pull in $1.3 billion in revenue this year with over $500 million in adjusted EBITDA after capital expenses.
Tokenization Push
Bullish plans to target international investors for tokenized equities outside U.S. markets using Equiniti's platform. It will bridge traditional certificated shares with tokenized formats in one system. Clients get real-time ownership tracking, faster settlement, automated corporate actions, and continuous trading for digital securities.
DTCC's Parallel Move
The Depository Trust & Clearing Corporation will test tokenized securities trading next month. Its full rollout starts in October 2026. DTCC's subsidiary holds over $114 trillion in assets, showing how big this shift could get. Bullish's acquisition gives it a head start before DTCC's system launches.
Growth Projections
Bullish expects 6-8% annual revenue growth through 2029 with tokenization driving more of that share. Equiniti already serves over 3,000 issuer clients and 20 million shareholders while processing $500 billion in annual payments. Its existing infrastructure gives Bullish instant scale in traditional markets.
What Happens Now
Regulators must approve the deal before January 2027. Bullish begins integrating systems immediately. The DTCC pilot in July 2026 will show whether big institutions are ready for the transition to tokenized assets it's banking on.
