Bullish has agreed to acquire global transfer agent Equiniti in a $4.2 billion transaction that aims to fuse traditional market infrastructure with blockchain-based systems, marking one of the largest deals tied to tokenized securities.

The agreement combines Bullish’s digital asset platform with Equiniti’s role as a core record-keeper for public companies. Equiniti services nearly 3,000 issuer clients, supports more than 20 million shareholders and processes about $500 billion in annual payments. Transfer agents maintain shareholder records, manage dividend distribution and handle corporate actions, placing them at the center of equity market operations.

Under the terms,…

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