Bullish's $4.2B Equiniti deal could turn it into a tokenization infrastructure giant, analysts say!

Bullish shares surged more than 11% after the crypto exchange announced a $4.2 billion agreement to acquire transfer agent Equiniti — a firm that services nearly 3,000 public companies, including more than 30% of the S&P 500 and over half of the FTSE 100. The stock added another 1.5% in pre-market trading Wednesday as analysts framed the deal as a pivot well beyond crypto trading.

Clear Street, which maintained a Buy rating with a $50 price target, called the acquisition a material step in repositioning Bullish from a crypto exchange to a tokenization infrastructure company. The key insight: Equiniti fills the most important gap in Bullish's tokenization thesis — issuer access and transfer-agent authority. That regulated framework and client network is exactly what's needed to bring tokenized equities into mainstream finance.

Compass Point was more measured, reiterating a Neutral…