Bullish Tokenizes 151M Shares on Solana in NYSE First

How the Bullish Tokenized Shares on Solana Work

The tokenized shares use Solana’s SPL token standard, likely leveraging Token-2022 extensions for compliance controls. The official mint address is 6d5zakCaxjjRALNRyudC6ArivxeBGT3XUAci7ybWQY8U. Any other address claiming to represent BLSH is fraudulent.

Transfers are restricted to Equiniti-whitelisted wallet addresses only. If a user sends tokens to a non-whitelisted address, the transaction fails at the smart-contract level. This design enforces AML/KYC compliance directly on-chain.

Equiniti still maintains the official legal record of share ownership. Its regulated registry syncs in real time with the Solana ledger. Shareholders can move their shares between traditional book-entry and tokenized form through Equiniti’s Shareholder Central portal.

What the $4.2 Billion Equiniti Deal Means

The acquisition values Equiniti at $4.2 billion, consisting of $1.85 billion in assumed debt and roughly $2.35 billion in BLSH stock at a $38.48 per-share VWAP. The deal is expected to close in January 2027, subject to regulatory approvals.

Equiniti processes about $500 billion in annual payments and serves as the transfer agent for roughly 3,000 public companies. By acquiring it, Bullish gains a direct channel to bring those issuers onto blockchain-based rails. That makes the Bullish tokenized shares rollout more than a single-company experiment, since the same transfer-agent infrastructure could support future tokenized securities programs.

CEO Farley framed the deal in sweeping terms. “Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” he said in the official announcement. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale.”

Why Solana for Tokenized Equity

Bullish chose Solana for its speed, low transaction costs, and growing RWA ecosystem. The network already hosts tokenized Treasury products from Ondo and other compliant real-world asset issuances built on SPL standards.

The Bullish tokenized shares rollout enables T+0 instant settlement for wallet-to-wallet transfers. That compares to traditional T+1 or T+2 batch processing. It also gives the issuer real-time cap table visibility, with no reconciliation lag between Bullish, Equiniti, and investors.

On-chain cap table means the entire 151 million share issuance lives on a single Solana ledger. Corporate actions like dividends or votes could eventually run through smart contracts, though that functionality is not yet confirmed.

What Is Not Enabled Yet

AMM and DEX trading of tokenized BLSH shares is not currently available. The system only supports bilateral transfers between whitelisted addresses. There is no public secondary market for these tokens today.

Several open questions remain. It is unclear whether retail or non-accredited investors will eventually access tokenized shares. The full jurisdictional scope after the deal closes in 2027 is also undefined. No multi-chain expansion plans have been confirmed.

Regulatory treatment of tokenized equity beyond the current U.S. securities framework has limited precedent. The official Bullish disclaimer highlights potential risks, including liquidity concerns and the possibility of adverse market impact.

Market and Community Reaction

BLSH stock initially dropped 6-8% in pre-market trading on May 5 when the acquisition was announced. The stock later recovered. SOL traded in the $85-$89 range with no significant movement tied to the tokenization news specifically.

On X, sentiment was overwhelmingly positive. The Solana Foundation’s official account tweeted: “BREAKING: @Bullish just put 151M shares onchain, tokenizing its entire cap table on Solana after acquiring @Equiniti.” The post gained rapid engagement.

Community members called it “a massive move for RWA” and a signal that “all roads lead to Solana.” Founders and key opinion leaders highlighted instant settlement and the issuer-centric model as the main draws. No significant backlash has surfaced yet, though the announcement is only hours old.

What Comes Next for Bullish and Tokenized Securities

The Equiniti acquisition still requires regulatory approval before its January 2027 close. Once finalized, the combined entity could offer tokenization services to Equiniti’s existing base of roughly 3,000 issuers.

For now, Bullish has proven the concept on its own cap table. The live Phantom demo at Consensus 2026 made the abstract idea of tokenized equity tangible. Whether other NYSE-listed companies follow depends on regulatory clarity and infrastructure readiness.

This is not financial advice. Tokenized securities carry risks including limited liquidity, regulatory uncertainty, and private-key management challenges. Always do your own research before making investment decisions.