Bullish (BLSH) has agreed to acquire transfer agent Equiniti for $4.2 billion, marking a significant transformation in the company's fortunes beyond crypto trading. The acquisition gives Bullish, led by former NYSE president Tom Farley, direct access to shareholder records and could help the company become a significant player in tokenization, the process of turning traditional assets into blockchain-based digital tokens. While Bullish already operates trading infrastructure, custody systems, and token issuance tools, the acquisition could significantly improve its earnings quality. The deal reflects increasing competition around tokenized securities and signs of Wall Street infrastructure firms trying to modernize market plumbing using blockchain rails.