Private equity firm Siris Capital is set to exit portfolio company Equiniti following an agreement to sell the business to cryptocurrency exchange Bullish in a transaction valued at $4.2bn, according to a to a report by Reuters.
The deal comes as Bullish looks to expand beyond trading and build out capabilities linking blockchain technology with traditional capital markets.
Equiniti, a UK-based transfer agent that manages shareholder records and processes payments, provides Bullish with regulated infrastructure seen as critical to institutional adoption of tokenised securities. Market participants have long viewed the absence of blockchain-compatible transfer agents as a key barrier to scaling digital capital markets
Siris acquired Equiniti in 2021 and is now monetising its investment amid improving dealmaking conditions in 2026, following a subdued start to the year. The transaction underscores renewed sponsor-backed exit activity, particularly in assets positioned to benefit from structural shifts in financial markets.
Under the terms of the agreement, Bullish will assume approximately $1.85bn of debt and fund the remainder of the consideration – around $2.35bn – through stock.
Led by CEO Thomas Farley, the former president of the New York Stock Exchange, Bullish is positioning the acquisition as a strategic step towards enabling tokenisation at scale. The company is targeting mid-single-digit revenue growth from 2027 onwards, alongside steady EBITDA expansion.
The transaction, which is expected to complete in early 2027, subject to regulatory approvals, represents one of the more notable sponsor exits in the financial technology space this year.
