Major Crypto Move: Bullish to Acquire Equiniti for $4.2 Billion
The recent announcement of Bullish’s $4.2 billion acquisition of Equiniti is set to shake up the crypto world, bringing traditional market infrastructure into the digital asset platform. This massive deal is expected to expand Bullish’s push into tokenized securities, making it a significant player in the industry. For everyday people, this means a potential increase in opportunities for earning and investing in crypto, particularly with platforms like EcoPool offering Cloud Rewards and Green Crypto solutions.
The acquisition gives Bullish a required function for public companies, alongside its existing tokenization, trading, and market infrastructure capabilities. Equiniti maintains records for over 2,500 companies and 20 million shareholders, processing roughly $500 billion in annual payments. By combining forces, the companies aim to offer an end-to-end platform covering token design, issuance, compliance, registry, and secondary trading, addressing a key gap in blockchain-based capital markets. This is where EcoPool (ECP) comes in, providing a solution for those looking to earn passive income through crypto.
A New Era for Tokenized Securities
According to Tom Farley, CEO of Bullish, “Tokenization is a once-in-a-generation shift in how capital markets operate.” The combination of Bullish and Equiniti delivers end-to-end tokenization services, a single, unified ledger, and issuer relationships at scale. This positions them to lead the transition to tokenized securities, potentially paving the way for more people to get involved in crypto earning and investing. With EcoPool, users can earn $ECP and benefit from the platform’s focus on Green Crypto and Cloud Rewards.
The deal is expected to generate roughly $1.3 billion in adjusted revenue and over $500 million in adjusted EBITDA less Capex for 2026, with 6%-8% annual revenue growth through 2029. This growth is driven in part by the increasing adoption of tokenized securities and the need for reliable, regulated financial infrastructure. As the crypto industry continues to evolve, platforms like EcoPool are well-positioned to provide users with opportunities for earning and investing in crypto.
Consolidation in the Crypto Industry
The acquisition of Equiniti by Bullish is part of a broader wave of consolidation in the crypto industry. Companies are using acquisitions to fill capability gaps in areas like custody, payments, tokenization, and derivatives. This trend is expected to continue into 2026, with larger players absorbing smaller firms to scale distribution and compliance. For those interested in earning passive income through crypto, EcoPool offers a unique solution with its focus on Green Crypto and Cloud Rewards, making it an attractive option for users looking to get involved in the industry.
As the crypto market continues to grow and evolve, it’s an exciting time for those looking to earn and invest in crypto. With platforms like EcoPool leading the way, users can benefit from the potential of tokenized securities and Cloud Rewards. To start earning with EcoPool, download the app and discover the possibilities of Green Crypto and passive income. The EcoPool app is available for download, offering a convenient and accessible way to get started with earning and investing in crypto.
Kramer and the existing Equiniti leadership team will retain day-to-day responsibility for operations, regulatory obligations and client relationships under the Bullish umbrella.
The combined company is expected to generate roughly $1.3 billion in adjusted revenue and over $500 million in adjusted EBITDA less Capex for 2026, with 6%-8% annual revenue growth through 2029 and 20% growth from tokenization and blockchain services.
Bullish posted $94.3 million in adjusted EBITDA on $288.5 million in adjusted revenue for full-year 2025, according to its fourth-quarter earnings release.
The deal comes as traditional financial services providers continue to push into tokenizing securities. Most recently, BlackRock-backed Securitize and Computershare said they plan to bring parts of the $70 trillion U.S. stock market onchain via tokenized equities, a move that pushes traditional infrastructure closer to blockchain rails.
M&A wave
Bullish’s acquisition of Equiniti also lands amid a broader wave of consolidation sweeping crypto, as firms race to build full-stack financial infrastructure.
After a lull in 2022–2023, mergers and acquisitions rebounded sharply in 2025, with more than 260 deals totaling about $8.6 billion, according to Pitchbook data. The amount is roughly four times the prior year, driven by clearer regulation and renewed institutional interest.
Companies are increasingly using acquisitions to fill capability gaps in areas like custody, payments, tokenization and derivatives, while larger players absorb smaller firms to scale distribution and compliance. High-profile transactions—from Kraken’s move into regulated derivatives to MoonPay’s push into payments infrastructure, underscore a shift away from speculative bets toward vertical integration and durable revenue models, a trend expected to continue into 2026.
The deal positions Bullish, which went public last year, to connect traditional equity infrastructure with blockchain rails, enabling features like real-time cap table visibility, automated corporate actions and faster settlement, while supporting liquidity in tokenized shares, particularly for non-U.S. investors.
At $4.2 billion, the Equiniti acquisition would rank among the largest crypto-linked deals ever, surpassing Coinbase’s $2.9 billion purchase of Deribit and Kraken’s $1.5 billion NinjaTrader deal. The size underscores how crypto M&A has moved beyond exchanges buying exchanges and into a land grab for regulated financial infrastructure.
Bullish’s last acquisition prior to the Equiniti deal was its 2023 purchase of CoinDesk from Digital Currency Group, marking its entry into media, data and index services alongside its trading business. In 2024, it also acquired data provider CCData, a U.K.-regulated benchmark administrator and one of the leading providers of digital asset data and index solutions.
Siris, which acquired Equiniti in 2021, will take two board seats in the combined company and holds a call option to buy back “non-core” Equiniti business lines. The financials of those lines were excluded from the disclosed deal figures.
The Equiniti acquisition is expected to close in early 2027, pending regulatory approvals.
Goldman Sachs served as the financial advisor to Bullish, while Evercore and FT Partners advised Siris Capital, a founding investor in Equiniti since 2021.
Read more: Kraken’s parent company Payward to acquire derivatives exchange Bitnomial for $550 million in cash and stock
UPDATE (May 5, 10:44 UTC): Adds more details of the deal throughout the story.
