StoneX Rates Bullish Buy on Tokenized Market Ambition

By Elena Vasquez

U.S. financial services firm StoneX Financial initiated coverage of crypto exchange Bullish with a Buy rating and a $42 price target, implying about 97% upside from the stock’s then-current level, according to The Block’s Nov. 9 report. Bullish shares traded 2.9% higher in early trading that day, above $22.

What does the Equiniti acquisition change?

StoneX analyst Mark Palmer wrote that Bullish would gain core infrastructure for the tokenized securities market if it completes its acquisition of share registrar Equiniti. The registrar serves about 3,000 securities issuers, 15,000 corporate clients and 20 million shareholders.

Palmer framed the strategic logic directly: “Every major market structure shift needs a toll-taking gateway, and Bullish is acquiring that gateway.” The statement describes Bullish’s intended role, not an operating result that exists before closing.

Once the deal closes, Bullish would take on share registration operations for about 30% of S&P 500 companies and half of the U.K.’s FTSE 100 firms, StoneX said. Bullish agreed in May to acquire Equiniti for about $4.2 billion, including assumption of about $1.85 billion in debt and payment of Bullish stock worth about $2.35 billion.

Equiniti handles about $500 billion in annual settlements, a figure StoneX cited to support the infrastructure case rather than as a forecast of Bullish revenue. Bullish still awaits regulatory approval, and the source did not identify the reviewing authority, timetable or closing conditions. The investment case therefore depends on clearance and a completed transfer of registrar operations.

How large is the tokenized-securities opportunity?

Tokenized equities issued on blockchain have a current value of about $2.1 billion. StoneX compared that figure with the $151 trillion global stock market and described the sector as still in an early stage.

Based on forecasts cited in Palmer’s report, the broader tokenized asset market could reach $9.4 trillion by 2030. That projection covers a wider category than tokenized equities, and the source supplied no adoption path connecting the $2.1 billion base with the forecast. The opportunity is large on paper, but the cited forecast remains unproven.

What does Bullish’s current performance show?

Bullish’s adjusted revenue rose 62% from a year earlier to $92.6 million in the second quarter. Subscription, services and other revenue also reached a record $62.7 million, giving the existing operation a larger base for issuer and tokenization services.

StoneX identified three principal risks:

• Delay or failure in the Equiniti acquisition
• Slower growth in the tokenized securities market
• New market entry by rivals including Nasdaq and the New York Stock Exchange

The infrastructure advantage remains conditional, and tokenization growth depends on adoption outside Bullish’s control. StoneX did not quantify the revenue Bullish could earn from issuer services. Current revenue growth supports the thesis, but it does not remove acquisition or competitive risk.

What does Cunningham’s appointment change?

Separately, Bullish appointed former New York Stock Exchange President Stacey Cunningham as its new president on the day of StoneX’s coverage initiation. She joins a company expanding issuer-focused tokenization efforts on Solana, Aptos and Ethereum while the Equiniti transaction awaits approval.

The source did not disclose Cunningham’s start date, compensation or a specific mandate, so the appointment signals leadership intent without documenting an execution plan. Bullish’s proposed move into registrar operations will materialize only if regulators clear the $4.2 billion acquisition and the company assumes Equiniti’s functions.