Bullish to acquire Equiniti for $4.2B in crypto-traditional finance merger

Bullish (NYSE:BLSH), a prominent digital asset exchange and infrastructure provider, has entered into a definitive agreement to acquire Equiniti in a transaction valued at $4.2 billion.

The merger represents one of the most significant moves to date by a blockchain-native firm to absorb a cornerstone of traditional financial market infrastructure.

The deal is structured with approximately $2.35 billion in stock consideration and the assumption of $1.85 billion in Equiniti’s existing debt.

By combining Equiniti’s established role as a regulated transfer agent and share registrar with Bullish’s proprietary tokenization technology, the combined entity aims to modernize the management of public and private securities.

The transaction is expected to create a financial powerhouse with significant scale.

On a pro forma basis for 2026, the combined company expects to generate adjusted revenue of approximately $1.3 billion.

Profitability is also projected to be robust, with adjusted EBITDA less capital expenditures estimated to exceed $500 million.

The transaction is expected to close in January 2027, contingent upon customary closing conditions and required regulatory approvals across multiple jurisdictions.