Bullish gains StoneX buy rating as Equiniti deal points to tokenization growth
Bullish is drawing a more optimistic market view as its planned acquisition of Equiniti is seen as expanding the exchange's role in the infrastructure behind tokenized shares. The transaction would materially widen Bullish's reach across listed companies and shareholders in the U.S. and UK if regulators approve the deal.
Highlights
- Bullish received a Buy rating and $42 price target from StoneX Financial after its planned $4.2 billion Equiniti acquisition.
- Bullish shares rose 2.9% to above $22, offering around 97% upside to StoneX's target despite being down nearly 50% in six months.
- Equiniti deal would give Bullish a transfer agency serving 3,000 issuers, 15,000 clients, 20 million shareholders, processing $500 billion in annual payments.
StoneX case for the Equiniti transaction
As reported by The Block, StoneX Financial initiated coverage of Bullish on Monday with a Buy rating and a $42 price target, arguing the exchange could become a key gatekeeper for tokenized equities if its $4.2 billion acquisition of Equiniti closes. Bullish shares traded above $22 in early trading, up 2.9% on the day, implying roughly 97% upside to StoneX's target, even as the stock remains down nearly 50% over the past six months.In a note to clients, StoneX analyst Mark Palmer said the acquisition would give Bullish a transfer agency business serving nearly 3,000 issuers, 15,000 corporate clients and 20 million shareholders once completed. He said that position would make Bullish the transfer agent of record for about 30% of the S&P 500 and half of the FTSE 100, placing it at the point where conventional share ownership could be converted into tokenized form.
The Equiniti transaction includes $1.85 billion in assumed debt and about $2.35 billion in Bullish shares. According to StoneX's note, Equiniti also processes $500 billion in annual payments.
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