Bullish plans to acquire transfer agent Equiniti for USD 4.2 billion, with completion expected in January 2027, subject to regulatory approval. Equiniti maintains relationships with nearly 3,000 corporate issuers and more than 20 million shareholders.
Transfer agents manage ownership records, connecting shares with blockchain infrastructure. Bullish intends to combine those capabilities with its exchange, custody and automated market-making services.
"I think the interesting thing about Bullish is we really have all the puzzle pieces, because we have an exchange, the transfer agent coming, the custodian, an AMM, their indices," Cunningham said.
