Crypto exchange Bullish agreed to acquire UK-based financial services outsourcing firm Equiniti from Siris Capital for $4.2 billion. The deal is expected to close in January 2027.
Bullish's purchase of Equiniti marks the exchange's push into blockchain-based capital markets infrastructure. Equiniti provides outsourcing services to the financial sector, handling critical back-office operations for institutional clients.
The acquisition represents a significant expansion of Bullish's business beyond cryptocurrency trading. By integrating Equiniti's established infrastructure and client base, Bullish gains access to traditional finance networks while positioning itself as a bridge between crypto and institutional markets.
Siris Capital, Equiniti's current owner, will exit the investment through the transaction. The 18-month timeline to closing suggests regulatory approval and integration planning requirements ahead of the deal's completion.
Bullish, backed by venture capital and major shareholders, has positioned itself as a next-generation crypto exchange targeting institutional participants. The Equiniti acquisition strengthens that positioning by adding established financial services capabilities to its platform.
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