Equiniti Processes $500bn in Annual Payments
Bullish , a cryptocurrency exchange, has signed an agreement to acquire Equiniti from Siris in a transaction that is valued at $4.2bn.
Equiniti is a global transfer agent that serves nearly 3,000 issuer clients, about 15,000 corporate clients, and more than 20 million shareholders. The company handles and processes about $500bn in annual payments.
The $4.2bn deal includes $1.85bn of assumed Equiniti debt and approximately $2.35bn in Bullish stock consideration, subject to customary purchase price adjustments.
Siris to Get Two Board Seats
The agreement also includes a call option for Siris to acquire non-core Equiniti business operations. The financials of those business operations were excluded from the transaction disclosures.
Siris is also expected to get two board seats as part of the deal.
In a press release, Bullish said the combined company will create a “global transfer agent” for tokenised securities and position Bullish to “lead the shift” toward blockchain-native capital markets infrastructure.
Tokenisation as Generational Shift
Tom Farley, Bullish chief executive, said “Tokenisation is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years.
“Broad adoption at institutional scale requires three things: end-to-end tokenisation services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenised securities.”
The deal is expected to be completed in January 2027, subject to regulatory approvals and customary closing conditions.
After closing, Equiniti will operate under Bullish alongside Bullish Exchange and CoinDesk. Dan Kramer, Equiniti chief executive, together with the existing leadership team will continue to oversee daily operations, regulatory obligations, and client relationships.
