Cryptocurrency exchange Bullish (NYSE: $BLSH) is acquiring transfer agent and shareholder services firm Equiniti for $4.2 billion U.S.
In a news release, Bullish said the Equiniti purchase will provide it with a core piece of traditional market infrastructure as it looks to push into tokenized stocks.
The transaction involves $1.85 billion U.S. of assumed Equiniti debt and $2.35 billion U.S. in Bullish stock, priced at $38.48 U.S. per share.
Bullish, which focuses on crypto trading for institutional investors, said the combined companies will offer an end-to-end platform that covers token design, issuance, compliance, registry and secondary trading.
Equiniti maintains records for more than 2,500 companies and 20 million shareholders, and processes roughly $500 billion U.S. in annual payments.
Currently, Equiniti serves nearly 3,000 issuer clients and 15,000 corporate clients, with over 5,000 associates working in its operations.
Once the acquisition is finalized, Equiniti’s leadership team will retain day-to-day responsibility for operations and client relationships under the Bullish umbrella.
The combined company is expected to generate $1.3 billion U.S. in annual revenue.
Bullish reported $94.3 million U.S. in earnings on $288.5 million U.S. in revenue for all of 2025.
The purchase of Equiniti comes amid a wave of consolidation in the cryptocurrency industry as firms race to consolidate and build full-stack financial infrastructure.
Crypto mergers and acquisitions (M&A) rebounded in 2025, with more than 260 deals totaling $8.6 billion U.S., according to market data.
BLSH stock has declined 42% since the company went public last summer. The shares are currently trading at $40.70 U.S. per share.
