Bullish, the digital asset exchange supported by Peter Thiel, is on the verge of acquiring Equiniti, a well-established global transfer agent for nearly 3,000 publicly traded companies. This acquisition is valued at $4.2 billion and aims to reshape the landscape of capital markets.
The deal, which includes $1.85 billion in debt and approximately $2.35 billion in Bullish equity, is projected to yield around $1.3 billion in revenue and over $500 million in EBITDA by 2026, while also indicating a growth rate of 6 to 8%. This growth is expected to be further enhanced by the introduction of tokenization services.
Tokenization is a pivotal element driving the transformation of capital markets into the blockchain era. Bullish recognizes the necessity of establishing a transfer agent tailored for this new ecosystem, which it sees as a significant shortcoming in the current market.
With this acquisition, Bullish aspires to create the first fully integrated global transfer agent for tokenized securities. By merging its advanced blockchain infrastructure with Equiniti’s extensive issuer services platform, the company is set to provide enhanced features such as real-time ownership tracking, expedited settlement processes, and increased access for investors all while ensuring compatibility with existing systems and regulatory frameworks.
The acquisition, pending regulatory approval and standard conditions, is anticipated to close in January 2027. Equiniti has established a strong foothold in global capital markets, catering to clients that rely on dependable infrastructure. The leadership at Equiniti emphasizes their commitment to helping clients optimize their operations through a blend of experience and cutting-edge technology. They believe that this acquisition will fortify their mission while upholding service standards and trust.
Equiniti was previously acquired by Siris in 2021, who aimed to organically expand through cross-selling and strategic acquisitions in transfer agency services. Following this, Equiniti merged with US-based AST to create a larger global platform that has since driven notable operational enhancements and profitability, making it an attractive asset for Bullish.
At Monday’s market close, shares of Bullish rose by 3.5%, though some of those gains were retraced ahead of Tuesday’s pre-market trading session.