Crypto exchange Bullish to acquire Equiniti in $4.2B deal to bridge crypto and traditional markets

Crypto is trying to break into Wall Street. This time, it’s coming with paperwork. Bullish said Tuesday it will acquire Equiniti in a $4.2 billion deal, giving the exchange something the industry has long lacked: a regulated transfer agent that already works with public companies and millions of shareholders.

The move goes straight at a stubborn bottleneck. Tokenized finance has moved from theory to pilot programs, yet large institutions have been slow to adopt. One missing piece has been a compliant system that can track ownership and settle transactions in a way regulators and issuers accept. Equiniti fills that gap.

Led by former NYSE president Thomas Farley, Bullish is positioning itself as more than a crypto trading venue. The company wants to build the infrastructure layer that connects blockchain-based assets with traditional equity markets. Buying Equiniti brings immediate access to a business that processes roughly $500 billion in annual payments and supports more than 20 million verified shareholders.

“Tokenization is a once-in-a-generation shift in how capital markets operate,” Farley said in a statement, adding that the combination provides the “blue-chip issuer relationships” necessary to scale the transition.

The structure of the deal reflects the size of the bet. About $1.85 billion of the price comes from assumed debt, with the remaining $2.35 billion paid in Bullish stock. The seller is private equity firm Siris Capital, which acquired Equiniti in 2021. Closing is expected in January 2027, pending regulatory approval.

The timing lines up with a rebound in dealmaking this year after a slow start. Boardrooms that held back earlier are returning to acquisitions as confidence stabilizes. Bullish is stepping in with a strategy that leans on infrastructure rather than speculation.

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure. When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way,” said Dan Kramer, CEO of Equiniti. “This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

The company’s own story has been uneven. Launched in 2020 by Block.one with a reported $9.3 billion in bitcoin, Bullish entered the market with deep reserves and high expectations. Its public listing in 2025 marked a reset. Now it is leaning into a model built around stablecoins and institutional services, aiming for steady growth rather than the boom-and-bust cycles that defined earlier crypto exchanges.

Bullish said it expects annual revenue growth of 6 percent to 8 percent between 2027 and 2029, with more than $100 million in annual growth in EBITDA less capital expenditure.

The bigger question is whether this approach lands with its target audience. Institutional investors have shown interest in tokenization, yet they have moved carefully, watching regulation and market structure evolve. By acquiring a company already embedded in traditional finance, Bullish is trying to meet them on familiar ground.

If that bet pays off, the deal could mark a turning point. Crypto has spent years trying to plug into the existing system. This time, it is buying a piece of it.

Equiniti