digital asset firm Rise (NYSE: BLSH) has agreed to acquire Equiniti, a leading global transfer agent, in a deal valued at $4.2 billion. The transaction, announced on May 5, 2026, underscores the cryptocurrency firm’s growing emphasis on tokenization as a transformative force. capital markets. Equiniti, acquired private equity firm Capital of Siri It will serve as a critical infrastructure provider in 2021 equity markets.
It serves as the official record keeper for nearly 3,000 major public companies, supporting a total of approximately 15,000 corporate clients, maintaining records for more than 20 million shareholders, and managing annual dividend and payout distributions of approximately $500 billion.
The company operates under strict regulatory oversight, including SEC registration in the United States. FCA Permission in the UK.
Under the terms of the deal, Bullish will assume approximately $1.85 billion of Equiniti’s existing debt and issue approximately $2.35 billion of its own stock, priced based on a 30-day volume weighted average of $38.48 per share, as of May 4, 2026.
Siris wins two seats on Bullish’s board, while Equiniti’s current leadership is led by CEO And Kramerwill continue to oversee daily operations, regulatory compliance and customer relations.
The deal is expected to close in January 2027, pending completion of standard regulatory permits and other customary conditions.
This win It strategically combines Equiniti’s built-in shareholder services with Bullish’s advanced blockchain capabilities, including token creation, issuance, governance, compliance and global distribution through regulated venues.
Bullish now aims to deliver a unified platform that manages the entire lifecycle of tokenized assets while also connecting seamlessly with legacy systems such as centralized securities depositories (including centralized securities depositories). DTCCEuroclear and Clearstream).
Industry observers see the merger as an important step towards modernizing capital markets.
tokenized securities It promises real-time visibility into ownership records, automated corporate actions, reduced costs, 24/7 trading, and near-instant payments; These are advantages that may attract the attention of both issuers and investors.
Rise CEO Tom Farley He described tokenization as a generational evolution in market infrastructure comparable to the rise of electronic commerce.
He highlighted how the deal provides end-to-end token services, a single ledger, and access to a vast network of established issuers.
Equiniti’s Kramer reiterated this vision, noting the shared commitment to the emerging market infrastructure Responsibly while maintaining customer trust and operational stability.
Co-founder of Siris Franc Baker praised the partnership for aligning with the firm’s focus technologyFocused transformation in financial services.
Financially, the combined entity is expected to generate approximately $1.3 billion in adjusted revenue and over $500 million in adjusted EBITDA minus capital expenditures for 2026.
Bullish expects 6-8% annual revenue growth through 2029. tokenization In addition to annual EBITDA growth of more than $100 million and target margin approaching 50%, services also make a significant contribution.
announcement triggered a strong market reaction and Rise Shares rose more than 11% following the news. As blockchain adoption accelerates (stablecoins with market caps exceeding $300 billion and trillions in transaction volume attest to this), this deal positions Bullish to play a central role in bridging the gap between traditional stocks and traditional stocks. digital assets.
