StoneX initiates Bullish with Buy, $42 target on Equiniti tokenization deal

The pitch here is less about Bullish's exchange business than about owning the chokepoint where traditional shares become tokens: the transfer agent. If the Equiniti deal closes, Bullish would sit between major listed companies and any tokenized-equity market, a position few crypto-native firms hold. The gap between tokenized equities on-chain and global equities is the entire bet, and it is a long-duration one. Whether the acquisition clears and whether issuers actually route tokenization through that agent are the open questions.