Bullish reserves 61 million tokenized shares and selects three initial networks

A Solana demonstration in New York

Bullish and Equiniti presented the transfer of 61 million reserved Bullish shares in tokenized form at the New York Stock Exchange on October 27. According to Bullish’s November 3 announcement, the transfer was conducted on Solana, administered by Equiniti and completed in seconds. The demonstration also showed a digital pass being sent directly to a shareholder wallet as an example of a programmable benefit tied to security ownership.

The 61 million figure does not describe a new public issuance that has already been finally completed. Bullish says it has reserved enough shares for the closing of its planned acquisition of Equiniti. The final number issued will be determined under the merger agreement. The acquisition remains subject to remaining regulatory approvals and customary closing conditions, with January 2027 announced as the expected closing period.

Aptos and Ethereum as planned extensions

Bullish names Solana, Aptos and Ethereum as the initial network partners for its equity-tokenization services. The timing distinction matters: Solana supported the demonstration and already hosts tokenized BLSH shares, while Bullish says it intends to offer the same capabilities on Aptos and Ethereum. The release therefore does not present those two extensions as already deployed. Additional networks could be added later.

The described model keeps the official ownership record with the transfer agent. The blockchain representation is intended to give issuers several distribution options without replacing that central register. Bullish says the architecture could support continuously operating markets, faster settlement, programmable corporate actions and greater visibility into share ownership. These are presented as technical possibilities, not guarantees of liquidity or investment performance.

A strategy still tied to the acquisition

Bullish and Equiniti announced a $4.2 billion acquisition agreement in May. The companies aim to combine issuance, recordkeeping and trading in one service chain for tokenized securities. Bullish also says its tokenized shares have begun trading on Bullish Exchange and that the companies launched an open coalition focused on an issuer-led tokenization model.

The November 3 release therefore consolidates an existing demonstration and broadens the technical roadmap, but it does not close the acquisition or complete the multi-network rollout. Assessing actual progress requires separating the shares already represented on Solana, the 61 million shares reserved for the transaction, the integrations still planned for Aptos and Ethereum, and the approvals required for the merger. That distinction prevents a tested capability from being mistaken for a fully operational service across all three networks.