12 hours ago - Business

Crypto exchange Bullish to buy transfer agent for $4.25B

Dan Primack

Illustration of Benjamin Franklin peering out from behind a pile of crypto coins. — Illustration: Gabriella Turrisi/Axios

Bullish, a crypto exchange led by former NYSE president Tom Farley, agreed to acquire transfer agent Equiniti from private equity firm Siris for $4.25 billion in stock.

Why it matters: This would further blur the lines — or perhaps bridge the gap — between crypto and traditional capital markets.

Catch up quick: Siris took U.K.-based Equiniti private in 2021 for roughly $950 million, and later merged it with American Stock Transfer.

Elsewhere in crypto: Andreessen Horowitz raised $2.2 billion for its fifth crypto venture fund. Haun Ventures, led by a former co-head of a16z crypto, raised $1 billion for a pair of new funds.

The bottom line: "Crypto exchanges are pushing into tokenized equities, and this lets Bullish own the full stack for registering and trading those assets 24/7. It also provides steadier, more durable revenue to pair against more volatile crypto trading." — Ryan Lawler, Axios Pro

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Crypto exchange Bullish to buy transfer agent for $4.25B

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