Bullish Acquires Equiniti for $4.2 billion
Crypto exchange Bullish (BLSH) is buying transfer agent Equiniti for $4.2 billion. The deal combines the exchange’s tokenization infrastructure with a regulated shareholder services firm that processes $500 billion in annual payments. Equiniti currently serves nearly 3,000 public companies including Berkshire Hathaway and Moody's, positioning Bullish to capture a key piece of Wall Street's shift toward tokenized assets. Read more →
Billions of dollars ready to flow into “crypto”
While VC funding for crypto startups hit new lows in April, the VC funds themselves are raising record amounts to deploy into the ecosystem. Last week we saw Haun Ventures’ $1 billion raise to focus on crypto (see Katie Haun discuss the fund here). And today, a16z Crypto announced their 5th crypto fund with $2.2 billion ready to deploy.
The question now is really how much of this money will actually flow into “crypto” and how much will flow into AI, prediction markets, perps, and stablecoins.
Election ETFs hit a speed bump
The SEC delayed 24 prediction-market ETFs that were set to debut this week, Reuters reported yesterday. The proposed funds from issuers including Bitwise, Roundhill and GraniteShares would track outcomes tied to the 2028 U.S. election, tech-sector layoffs and recession odds. Regulators are reviewing how the products would work and the risks to investors, with filings warning buyers could lose “substantially all” of their money if the outcome goes against them. Bloomberg ETF analyst Eric Balchunas said the delay is likely temporary. Read more →
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