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Bullish’s Equiniti deal could remake it into a tokenization powerhouse, Clear Street says
Compass Point took a more cautious stance, reiterating a Neutral rating and $36 target, saying much of the expected growth is already priced in, though it acknowledged potential upside.
May 6, 2026, 12:18 p.m. 2 min read
What to know:
- Bullish shares surged more than 11% following the company’s $4.2 billion agreement to acquire transfer agent Equiniti.
- “Equiniti fills the most important gap in Bullish’s tokenization thesis: issuer access and transfer-agent authority,” Clear Street wrote.
- Clear Street maintained a Buy rating with a $50 price target, arguing the acquisition could sharply improve Bullish’s earnings quality by adding recurring, fee-based revenue less tied to crypto trading volumes.
Equiniti services nearly 3,000 public companies, including more than 30% of the S&P 500 and over half of the FTSE 100. Analysts at Clear Street said the deal marks “a material step in repositioning Bullish from a crypto exchange to a tokenization infrastructure company.”
The logic behind the acquisition centers on tokenization, the process of turning traditional assets like stocks into blockchain-based digital tokens that can trade continuously and settle instantly.
While Bullish already operates trading infrastructure, custody systems and token issuance tools, analysts said the company lacked direct relationships with the corporate issuers whose shares would ultimately need to be tokenized.
