StoneX Financial launched its coverage of Bullish on Monday, issuing a Buy recommendation alongside a $42 price goal while asserting that the platform is positioned to serve as a vital checkpoint for tokenized equities should its pending purchase of Equiniti succeed.
Equities for Bullish changed hands above $21.50 during early trading hours, registering a daily increase of 2.9% according to pricing data from The Block. The projection established by StoneX suggests an approximate 97% potential increase from that valuation, even though the equity has dropped by close to 50% across a span of six months.
Within an advisory message distributed to investors, analyst Mark Palmer from StoneX explained that the Equiniti purchase will supply Bullish with an established transfer agency operation capable of supporting nearly 3,000 corporate issuers, 15,000 business accounts, and 20 million equity holders once finalized.
Palmer authored that every major structural transformation requires a primary gateway, and Bullish is acquiring one. Upon completion of the transaction, Bullish will control the official transfer agent responsible for roughly 30% of the S&P 500 and half of the FTSE 100, thereby governing the exact juncture where a standard ledger entry transitions into a digital token.
Valued at $4.2 billion, the Equiniti transaction incorporates $1.85 billion in absorbed liabilities alongside roughly $2.35 billion paid in Bullish stock. Furthermore, Equiniti handles $500 billion in yearly transactions, as detailed in the report.
The tokenization opportunity
Palmer indicated that Bullish stands to secure a greater portion of an industry anticipated to expand exponentially over upcoming years. Tokenized stocks currently account for roughly $2.1 billion on-chain, compared against a worldwide equity capitalization of $151 trillion. Concurrently, the wider tokenized asset sector might attain a valuation of $9.4 trillion by the year 2030, based on forecasts referenced within the document.
Regarding financial turnover, the exchange’s current operations supply a dependable foundation, according to Palmer’s observations. Adjusted turnover for Bullish during the second quarter advanced by 62% compared to the prior year, reaching $92.6 million. Additionally, income derived from subscriptions, services, and alternative streams climbed to an all-time high of $62.7 million, according to the publication.
StoneX highlighted several potential hazards that could impact its investment perspective, such as unexpected postponements or the complete collapse of the Equiniti transaction. The organization additionally noted risks involving delayed tokenization adoption alongside rivalry from entities like Nasdaq, DTCC, the New York Stock Exchange, Securitize, and Superstate.
Meanwhile, Bullish named former New York Stock Exchange chief Stacey Cunningham to the role of president. This leadership update arrives as the enterprise anticipates regulatory clearance for its Equiniti purchase while simultaneously scaling its issuer-backed tokenization offerings across networks including Solana, Aptos, and Ethereum.
Originally published at https://www.theblock.co/news/markets/2026-11-09-stonex-sees-upside-bullish-equiniti-deal-opens-tokenization-market-436464.
