$4.2B Bet on 24/7 Markets: Bullish Moves Deeper Into Tokenized Securities

Bullish is making a major move into traditional financial infrastructure, agreeing to acquire transfer agent Equiniti in a $4.2 billion deal. The acquisition gives the crypto exchange direct access to one of the most critical layers of public markets as it expands into tokenized securities.

Equiniti services nearly 3,000 companies, including firms like Berkshire Hathaway and Rolls-Royce, managing shareholder records, dividend distribution, and ownership data. These functions sit at the core of how markets operate.

By bringing this infrastructure in-house, Bullish is positioning itself beyond a trading platform and into the backend systems that power capital markets. As part of the deal, Bullish will also assume $1.85 billion in debt, with the transaction expected to close in January 2027 pending regulatory approval.

The Endgame: 24/7 Tokenized Markets

This move goes beyond expansion—it’s about reshaping how markets operate. Bullish is positioning itself for 24/7 trading of tokenized securities, with stablecoin settlement and onchain ownership built in. The direction is clear: markets that don’t close, settle instantly, and run on programmable infrastructure.

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Wall Street Is Moving — Fast

Bullish’s move comes as traditional finance accelerates its push into tokenization. The New York Stock Exchange has partnered with Securitize, while Intercontinental Exchange is developing a tokenized securities venue designed for 24/7 trading and onchain settlement.

Regulators are also beginning to engage. The U.S. Securities and Exchange Commission recently approved a pilot from Nasdaq to support tokenized equities. At the same time, crypto-native platforms like Coinbase, Binance, and Kraken are already experimenting with tokenized stock offerings.

Both traditional and crypto platforms are now moving toward the same model.

Investor demand is starting to follow. The value of tokenized stocks has risen 31.4% over the past 30 days to $1.25 billion, while the number of holders has increased by 10%.

Despite that growth, tokenized equities remain a small segment of the broader tokenized real-world asset market, which sits at around $30 billion. Tokenized U.S. Treasuries continue to dominate, followed by commodities and credit markets. Still, equities are beginning to gain traction as infrastructure improves and access expands.

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Bigger Than One Deal

This acquisition reflects a broader shift across financial markets toward speed, programmability, and continuous access.

Bullish isn’t just expanding—it’s securing a critical piece of infrastructure for onchain capital markets, where control over ownership records may prove just as important as the trading platforms themselves.