Mentioned:
One of the biggest crypto exchanges in the world is buying a transfer agent. But, why?
What’s happening:
- Bullish (NYSE: BLSH) has entered into a new deal to acquire transfer agent Equiniti for $4.2B USD
By the numbers:
- Bullish’s acquisition of Equiniti is comprised of $1.85B USD Of assumed debt and $2.35B USD in common shares of Bullish
- Equiniti is the transfer agent for roughly 3,000 publicly traded companies and processes $500B USD In annual payments
Why it matters:
- Bullish has publicly stated they are aiming to integrate their tokenization technology into Equiniti upon the successful closing of the acquisition to become the first blockchain enabled global transfer agent for tokenized securities and capital markets infrastructure
Going deeper:
- Equiniti is regulated and operates in both the United States of America and the United Kingdom
- Securitize and The New York Stock Exchange made major waves on Wall Street recently when they formed a new partnership to enable Securitize to become the first digital transfer agent who is eligible to mint blockchain native securities for publicly listed companies and ETF issuers on the New York Stock Exchange’s own tokenized securities platform
The fine print:
- Bullish’s acquisition of Equiniti has not yet closed and will ultimately still require regulatory approval before it can be completed
