Bullish chooses three networks for tokenized shares after 61 million-share test

Bullish named Solana, Aptos and Ethereum as the initial blockchain networks for its equity-tokenization service on November 3, expanding a public-company share system that has so far been demonstrated on Solana.

The announcement follows an October 27 event at the New York Stock Exchange where Bullish and transfer agent Equiniti demonstrated the movement of 61 million tokenized, reserved Bullish shares on Solana. Bullish said the transfer completed within seconds, but supplied no transaction identifier, independent timing measurement or evidence that comparable infrastructure is already operating on Aptos or Ethereum.

The shares are significant because Bullish says they were reserved for its pending acquisition of Equiniti. They are not evidence that the acquisition has closed, that the seller has received the final consideration or that outside issuers are using the planned multichain service.

Reserved shares connect tokenization to the acquisition

Bullish’s May transaction presentation, furnished to the Securities and Exchange Commission, valued the proposed Equiniti acquisition at $4.2 billion. The disclosed consideration comprised the assumption of $1.85 billion of Equiniti debt and approximately 61 million new Bullish shares valued at about $2.35 billion using a 30-day volume-weighted average price of $38.48 per share.

The November 3 announcement says tokenizing 61 million reserved shares earmarks sufficient stock for the transaction. It also says the final number issued at closing will be determined under the merger agreement. The acquisition remains subject to remaining regulatory approvals and customary closing conditions, with Bullish currently expecting a January 2027 completion.

That chronology matters: the transaction terms were announced in May, the Solana demonstration occurred October 27, and the three-network plan was announced November 3. Tokenizing reserved shares changes their technical representation; it does not itself satisfy the acquisition’s closing conditions.

The transfer agent remains the ownership record

Bullish describes the planned service as issuer-sponsored tokenization, meaning the company whose shares are represented participates in the process and the transfer agent retains the official ownership record. That differs from an unaffiliated token designed only to track a stock’s price.

Bullish’s original May BLSH implementation restricted transfers to Equiniti-whitelisted Solana wallet addresses. At that launch, the company said automated-market-maker and decentralized-exchange trading were not enabled. Bullish subsequently said tokenized BLSH began trading on its Gibraltar-regulated exchange, but it has not disclosed trading volume, holder counts, liquidity or adoption by an outside issuer.

Regulatory relief does not equal product approval

A September 17 SEC order created temporary, conditional relief for certain permissioned venues and liquidity providers handling tokenized U.S. exchange-listed stocks. The order distinguishes tokenized shares from synthetic products, imposes operating conditions and does not approve Bullish, the Equiniti acquisition or any particular token.

Bullish has not said in the November announcement that its planned multichain service is operating under that U.S. exemption. Nor did it publish Aptos or Ethereum contract addresses, launch dates, supported issuers or settlement statistics. The verified development is therefore a network selection and a Solana demonstration tied to reserved acquisition shares—not a completed three-chain rollout or proof of broad demand.