Bullish to buy transfer agent Equiniti for $4.2B in tokenization push; shares jump

first published 2026-05-05T10:14:32Z

Bullish will acquire Equiniti from Siris Capital for $4.2 billion (about $1.85B assumed debt plus ~$2.35B in Bullish stock) to provide regulated transfer-agent infrastructure for blockchain-based settlement. Equiniti processes roughly $500 billion in annual payments and supports over 20 million verified shareholders. Bullish — which went public in 2025 and is led by former NYSE president Thomas Farley and backed by Peter Thiel — forecast 6%–8% annual revenue growth for 2027–2029 and more than $100 million in annual EBITDA (less capex) growth. Shares fell about 6% in premarket trading. The deal is expected to close in January 2027, subject to regulatory approvals.

AI Analysis

Positive strategic move to add regulated transfer-agent infrastructure and Bullish's cited revenue/EBITDA growth are constructive; the deal is large ($4.2B including ~$1.85B debt and ~$2.35B stock) and shares fell ~6% premarket, and closing is subject to regulatory approvals — facts that make the story market-moving but with execution risk.

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