Key takeaways
- StoneX initiates Bullish coverage with a $42 price target
- Equiniti acquisition would connect Bullish to thousands of public companies
- Solana, Ethereum and Aptos underpin Bullish's tokenized securities strategy
Bullish (NYSE: BLSH) received a $42 price target from StoneX Financial on November 9, as analysts argued that the cryptocurrency exchange's pending $4.2 billion acquisition of Equiniti could transform its position in the rapidly developing market for tokenized stocks.
StoneX analyst Mark Palmer initiated coverage with a Buy rating, pointing to Equiniti's existing relationships with nearly 3,000 public-company issuers and 20 million shareholders. The $42 target implied approximately 97% upside from the share price used in the analyst's assessment, although it remains a forecast rather than a guaranteed return.
The recommendation comes as Bullish expands beyond cryptocurrency trading into regulated financial infrastructure, following its earlier tokenization acquisition announcement.
Bullish's $4.2 Billion Deal Could Reshape Stock Ownership
Under the May acquisition agreement, Bullish will acquire Equiniti through approximately $2.35 billion in stock consideration and the assumption of $1.85 billion in existing debt.
Equiniti processes roughly $500 billion in annual payments and supports approximately 15,000 corporate clients. Its transfer-agent operations maintain official shareholder records and facilitate ownership changes.
StoneX estimates that Equiniti serves around 30% of S&P 500 companies and half of FTSE 100 constituents.
That does not mean Bullish would own those companies' shares. Instead, the acquisition could position it as an infrastructure provider responsible for maintaining ownership records as securities move onto blockchains.
The distinction matters because tokenized stocks still require legally recognized ownership records, corporate-action processing and compliance procedures.
Solana, Ethereum and Aptos Join Bullish's Tokenization Strategy
Bullish has already demonstrated how its planned infrastructure could operate.
At an October 27 New York Stock Exchange event, Bullish and Equiniti transferred 61 million reserved Bullish shares on Solana, completing the demonstration in seconds.
On November 3, Bullish announced plans to support Ethereum and Aptos alongside Solana, allowing issuers to select their preferred networks.
The demonstration was not equivalent to launching unrestricted public trading of those reserved shares.
Bullish's strategy enters an increasingly competitive market where Galaxy Digital and other listed companies are exploring direct blockchain-based share ownership.
Can Tokenization Support Bullish Stock's Recovery?
StoneX's bullish thesis rests on Equiniti generating established servicing revenue while opening new opportunities in token issuance, settlement and corporate actions.
Bullish reported second-quarter adjusted revenue of $92.6 million, up 62% annually, while subscription, services and other revenue reached $62.7 million.
However, competition is increasing as exchanges and fintech companies develop their own tokenized securities platforms.
The emerging market already supports substantial Solana trading activity, but transaction volume does not necessarily translate into recurring infrastructure fees.
