4.2 Billion Acquisition of Equiniti: Bullish Bets on the Trillion-Dollar RWA Blue Ocean

On May 5, US-listed kripto asset platform Bullish reached a definitive agreement with private equity firm Siris Capital to acquire Equiniti for a total consideration of $4.2 billion. The transaction consists of the assumption of $1.85 billion in existing Equiniti debt and approximately $2.35 billion in Bullish stock consideration. The stock issuance price is based on the 30-trading-day volume-weighted average price (VWAP) ending May 4, 2026, at $38.48 per share. The transaction is subject to customary purchase price adjustments.

The transaction is expected to close in January 2027, pending regulatory approvals and satisfaction of other customary closing conditions. Following the announcement, Bullish’s share price briefly rose to a high of $48.93, gaining over 11%.

Equiniti: The Core “Household Registration” Service Provider for Traditional Capital PasarS

Founded in the late 19th century, Equiniti is a transfer agent and shareholder services provider. It primarily offers listed companies core services such as maintaining registered shareholder records, stock issuance/transfer/cancellation, dividend distribution and reinvestment, shareholder communications, corporate action processing, and tax filings.

Equiniti currently acts as transfer agent for nearly 3,000 listed companies, serves over 15,000 corporate clients, manages more than 20 million verified shareholders, and processes approximately $500 billion in payments annually.

Equiniti is registered as a transfer agent with the U.S. Securities and Menukarkan Commission (SEC) and regulated by the Financial Conduct Authority (FCA) in the UK, possessing a mature compliance framework and cross-market operational capabilities.

In 2021, Siris Capital acquired Equiniti and merged it with its U.S. counterpart AST, forming a large-scale global transfer agency platform.

Acquisition Logic Targets the Trillion-Dollar Tokenization Blue Ocean

Upon completion of the acquisition, Bullish will house the Bullish Menukarkan trading platform, media outlet CoinDesk, and end-to-end tokenization infrastructure services.

According to its Q4 2025 financial report, Bullish posted adjusted revenue of $92.5 million, a significant year-over-year increase compared to $55.2 million in the same period of 2024. Adjusted EBITDA reached $44.5 million, also up significantly year-over-year, with a gross margin of 48%. Full-year adjusted revenue was approximately $288.5 million, representing a year-over-year increase of about 35%. Subscription, service, and other revenue reached $54.6 million in Q4 alone, a staggering 284% year-over-year surge, driven by the launch of options trading, growth in institutional client funds, and expansion of tokenization liquidity services. Its stock price hit a low of $24.79 on February 5 but rose for two consecutive days to briefly touch $32 after the earnings report was released.

Following the transaction, the combined Bullish and Equiniti entity is expected to generate approximately $1.3 billion in adjusted total revenue for fiscal year 2026.

From 2027 to 2029, the combined company anticipates achieving a 6%-8% compound annual revenue growth rate, with tokenization and blockchain services contributing a 20% revenue growth rate.

In March of this year, Bullish’s total trading volume was $60.4 billion, a significant decline of approximately 28% from February’s $84.1 billion. However, Bullish’s perpetual contract volume in March reached $4.4 billion, hitting a new high since May 2025. This growth was achieved against the backdrop of a decline in total trading volume, representing a contrarian increase.

Within the kripto ecosystem, RWA is already regarded as the next trillion-dollar track. The bottlenecks of traditional transfer agency include manual processing, settlement delays, and high costs. Blockchain technology can enable instant ownership transfer, fractional ownership, and global 24/7 liquidity.

Bullish’s move may be a crypto-native response to traditional giants like BlackRock and BNY Mellon positioning themselves in the RWA space, aiming to integrate “regulated transfer agency + crypto exchange + media data” to build a closed-loop ecosystem.

Tom Farley, former President of the New York Stock Exchange and CEO of Bullish, emphasized in the announcement: “Tokenization is a generational shift in how capital markets operate, the most defining infrastructure trend of the next 25 years. Achieving institutional-scale adoption requires three elements: end-to-end tokenization services, a single unified ledger, and scaled blue-chip issuer relationships. This merger delivers all three at once.”

This also signifies that Bullish will gradually transition from a model dominated by trading revenue towards high-margin infrastructure services, potentially enhancing its resilience against economic cycles.

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