This is the biggest M&A deal in crypto infrastructure history. Equiniti is a leading global transfer agent serving nearly 3,000 issuer clients, 15,000 corporate clients, 20 million shareholders, and processing $500B in annual payments.

The combination creates the first fully integrated blockchain-enabled, blue-chip issuer services provider — unifying a regulated transfer agent with end-to-end tokenization infrastructure.

The $4.2 billion transaction comprises $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration, priced at $38.48 per share based on Bullish's 30-day VWAP as of May 4, 2026.