Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth have formed the Issuer Sponsored Token Coalition to develop common standards for tokenized securities, including technology, payments, custody and links between blockchain networks and existing market infrastructure. Its issuer-led model would connect on-chain stock tokens to a company’s official shareholder registry, helping preserve voting rights, dividends and other shareholder rights. The initiative follows the SEC’s decision to permit limited on-chain trading of US-listed stocks. It also builds on Bullish’s definitive agreement, announced May 5, 2026, to acquire Equiniti for $4.2 billion. Equiniti brings nearly 3,000 issuer clients, more than 20 million verified shareholders, approximately $500 billion in annual payment processing and issuer relationships averaging 18 years. Under the acquisition terms, Bullish is assuming $1.85 billion in debt and issuing approximately $2.35 billion in restricted Bullish stock priced at $38.48 per share. Bullish trades publicly under the ticker BLSH on its own Gibraltar exchange, where it has tokenized its shares as a proof-of-concept. The combined company projects approximately $1.3 billion in adjusted revenue for 2026, adjusted EBITDA less capital expenditures exceeding $500 million and annual revenue growth of 6% to 8% through 2029. The transaction is expected to close in January 2027, subject to regulatory approvals in the US and UK.