TechFlow News, May 5: According to The Block, on Tuesday, cryptocurrency exchange Bullish announced its agreement to acquire global transfer agent Equiniti from private equity firm Siris for $4.2 billion, aiming to integrate its tokenization infrastructure with Equiniti’s compliant shareholder services platform—which processes $500 billion in payments annually.
The transaction consideration includes $1.85 billion in Equiniti debt assumed by Bullish and approximately $2.35 billion in Bullish stock (priced at $38.48 per share). Siris also receives a call option to acquire Equiniti’s non-core businesses, which are excluded from the financial disclosures related to this transaction.
The combined platform will integrate Bullish’s blockchain-based issuance and compliance services with Equiniti’s role as the registrar for 20 million shareholders. It will operate alongside existing capital market infrastructure—including central securities depositories (CSDs) such as DTCC, Euroclear, and Clearstream—as well as custodians and broker-dealers, while maintaining compatibility with existing ledger records. Equiniti holds U.S. SEC-registered transfer agency credentials and operates under regulatory authorization from the UK’s Financial Conduct Authority (FCA).
On a pro forma basis, the merged company is projected to generate approximately $1.3 billion in adjusted total revenue in 2026, with adjusted EBITDA less capital expenditures exceeding $500 million. Annual revenue from tokenization and blockchain services is expected to grow by 20% year-on-year through the end of 2029. Equiniti will continue operating independently under the Bullish umbrella alongside Bullish Exchange and CoinDesk, with CEO Dan Kramer and the current management team retaining responsibility for day-to-day operations. Siris will be granted two board seats. The transaction is expected to close in January 2027, subject to regulatory approvals.
