Bullish, the NYSE-listed crypto exchange operator, agrees to acquire Equiniti in a deal valued at about $4.2–$4.25 billion, according to multiple reports. The acquisition is framed as an effort by Bullish to expand its blockchain-based “tokenization” infrastructure by adding a regulated transfer agent used in traditional equity markets. Several outlets describe the transaction as combining Bullish’s tokenized-securities stack with Equiniti’s global transfer agent capabilities, aiming to create a transfer agent layer for tokenized securities. Bloomberg reports that Bullish will buy Equiniti from Siris Capital. The deal is also presented as part of a broader push by market participants to develop blockchain-native capital markets infrastructure and support tokenized instruments that can operate around the clock. While the sources emphasize different aspects—such as Bullish’s end-to-end tokenization buildout or the integration of transfer-agent infrastructure—they broadly agree on the companies involved, the approximate purchase price, and the intended purpose of strengthening tokenized securities infrastructure. Details on timing, regulatory approvals, and deal structure are not provided in the supplied excerpts.