Bullish, Equiniti Build Tokenized Securities Model Around Shareholder Records
The planned $4.2 billion acquisition would combine Bullish’s digital-asset exchange with Equiniti’s transfer-agent infrastructure and shareholder records.
Bullish and Equiniti are building an issuer-sponsored tokenization model that connects blockchain-based trading with official shareholder records, combining faster digital settlement with the legal framework used for conventional shares.
Under the model, Equiniti’s shareholder register remains the legal record of ownership. Blockchain provides a digital representation of the shares and supports automated processing, faster transfers and trading outside conventional business hours. The structure is designed to operate alongside traditional shares, brokers, custodians and existing market infrastructure.
Bullish announced Aug. 12 that market participants had traded tokenized BLSH shares on Bullish Exchange, a digital-asset exchange regulated by the Gibraltar Financial Services Commission. The tokens gave holders direct share ownership and the same legal standing as conventional shareholders.
The trades settled against a U.S. dollar stablecoin. The exchange operates 24/7 with near-instant settlement, extending access beyond the operating hours of traditional securities markets.
The strategy is tied to Bullish’s planned acquisition of Equiniti in a transaction valued at approximately $4.2 billion. The deal includes $1.85 billion of assumed debt and about $2.35 billion in Bullish stock.
Equiniti serves nearly 3,000 issuer clients, supports 20 million shareholders and processes $500 billion in annual payments. Bullish would contribute its exchange and tokenization infrastructure to the combined business, while Equiniti would provide transfer-agent operations and issuer relationships.
“Bullish is assembling the full complement of services required to tokenize equities: the regulated exchange, the tokenization technology, and the transfer agent,” Bullish CEO Tom Farley said.
Issuer-sponsored tokenization places the issuing company and its transfer agent at the center of the ownership record. That distinguishes the structure from a third-party token designed only to track a stock’s price.
The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and other customary closing conditions.
