Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push

⁠ Bullish said on Tuesday it will buy transfer agent Equiniti in a deal valued at $4.2 billion, as the cryptocurrency exchange looks to establish infrastructure to bridge blockchain technology with traditional capital markets. Shares of the Peter Thiel-backed exchange fell about 6% in premarket trading. The acquisition gives the institutional crypto platform, led by former NYSE President Thomas Farley, access to a regulated transfer agent — a firm that tracks registered shareholders for companies that issue stocks — to underpin its operations. As capital markets shift toward blockchain-based settlement, the absence of a regulated transfer agent built for the technology has been viewed as a primary hurdle for institutional adoption. "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. Dealmaking also has seen a rebound in 2026 after a slow start to the year, with geopolitical uncertainty having dampened boardroom appetite for mergers and acquisitions. The transaction includes about $1.85 billion of assumed debt and roughly $2.35 billion in Bullish stock, the company said. Bullish said it is buying Equiniti from private-equity firm Siris Capital, which had acquired the company in 2021. …