Bullish has agreed to acquire Equiniti from Siris in a USD 4.2 billion transaction aimed at creating integrated infrastructure for tokenised securities.
The deal, expected to close in January 2027 subject to regulatory approvals, is structured as USD 1.85 billion in assumed Equiniti debt and approximately USD 2.35 billion in Bullish stock consideration.
The combination is intended to create what the companies describe as the first fully integrated, blockchain-enabled issuer services provider, pairing a regulated transfer agent with end-to-end tokenisation infrastructure. Equiniti currently serves approximately 15.000 corporate clients, supports over 20 million verified shareholders, and processes around USD 500 billion in annual payments. Alongside Bullish Exchange and CoinDesk, Equiniti will operate as a distinct unit under the Bullish umbrella, with its existing leadership team retaining responsibility for day-to-day operations, regulatory obligations, and client relationships.
Infrastructure gap and market context
According to the official press release, the strategic rationale centres on what the companies characterise as a foundational gap in capital markets infrastructure: the absence of a transfer agent built for blockchain-based securities. Transfer agents occupy a regulated, mandatory role in most major markets, maintaining the official record of share ownership for listed companies. Integrating that function with tokenisation capabilities would, in principle, allow issuers to access real-time capitalisation table visibility, automated corporate actions, and broader investor reach, improvements over the lag that can span days or weeks in traditional registries.
Stablecoins, cited in the announcement as an indicator of tokenisation momentum, have grown to over USD 300 billion in reported market capitalisation and an estimated USD 10 trillion in annual payments volume. The companies frame the broader tokenisation of securities as a structural shift comparable to the transition to electronic trading.
The combined platform is designed to interoperate with existing central securities depositories, including DTCC, Euroclear, and Clearstream, as well as custodians and broker-dealers. Regulatory coverage draws on Equiniti's SEC-registered transfer agent status and its Financial Conduct Authority-regulated operations in the UK, alongside Bullish's licensed digital asset infrastructure. The companies also cite alignment with the EU's DLT Pilot Regime as relevant to institutional adoption.
Financial projections and transaction terms
On a combined basis, the pro forma entity is expected to generate approximately USD 1.3 billion in adjusted total revenue and over USD 500 million in adjusted EBITDA less capital expenditure for 2026. Revenue growth of 6–8% is projected for the 2027–2029 period, with tokenisation and blockchain services expected to contribute 20% revenue growth within that range.
Siris, which acquired Equiniti in 2021, will receive two board seats in the combined company as part of the transaction terms. Bullish intends to provide secondary trading infrastructure for eligible tokenised equities outside the US, targeting non-US investors seeking liquidity in tokenised shares.
