Bullish · NYSE:BLSH
Bullish — Merger or Acquisition (May 2026)
16 slides from Bullish's merger presentation, May 2026
Slide 1: A Bullish Era.
A Bullish Era. The Next Evolution of Capital Markets Is Here.
Slide 2: Capital Markets Move In Infrastructure Eras
Capital Markets Move In Infrastructure Eras Each defined by foundational technology advancements. Pre-1970s 1970s - 2020s Today Paper Era Electronic Era Blockchain Era Limited Connectivity Connected, Gated, Centralized Unconstrained Programmable Ownership Ownership moved through paper Markets became
Slide 3: Tokenization Turns Assets Into Active Infrastructure
Tokenization Turns Assets Into Active Infrastructure Tokenization The process of converting ownership of an asset into a transferable record on a blockchain. Active Asset Programmable • Self-sovereign • Always-on Static Record Database entry • Custodian-held • Always-on Instant Dynamic Reconciliatio
Slide 4: Digital Commodities And Fiat Have Already Migrated
Digital Commodities And Fiat Have Already Migrated Global securities $270T+ Digital Tokenized Stablecoins commodities Securities $300B+ $2.6T+ Are Next Approaching $1T 100x Digital Commodities monthly volume 900x Stablecoins 4
Slide 5: Unlocking This $270T Opportunity Requires An Integrated Service Provider
Unlocking This $270T Opportunity Requires An Integrated Service Provider Broad base of blue- End-to-end Unified transfer chip issuer tokenization services agent ledger relationships Everything you need to go Adopted where it matters most Tokenized and certificated, unified from token design — at the
Slide 6: Bullish is Acquiring Equiniti.
Bullish is Acquiring Equiniti. Becoming a market leading transfer agent, with over 15,000 global clients, 3,000 issuers, and 20 million KYC’d shareholder customers. 6
Slide 7: Bullish Now Combined 2026E Highlights Equiniti
Bullish Now Bullish Combined 2026E Highlights Equiniti Global, regulated Leading global transfer digital assets spot and derivatives exchange ~$1.3B 15,000+ agent delivering regulatory-required Revenue Corporate Clients ledgering services Leading digital assets media and visibility platform ~$500M $
Slide 8: 1. End-To-End Tokenization Services
1. End-To-End Tokenization Services A complete, integrated, and proprietary vertical tokenization stack. Tech & Compliance Layer Success Layer Token design Distribution Architecting tokenomics and Trading across regulated governance frameworks and decentralized venues Token creation Liquidity provis
Slide 9: 2. Unified Transfer Agent Ledger
2. Unified Transfer Agent Ledger One source of truth across certificated and tokenized shares. Blockchain Layer Registry Layer On-chain issuance Registry of record Programmable securities minted Official shareholder registrar for natively on public blockchain nearly 3,000 public companies infrastruc
Slide 10: 3. Broad Base of Blue-Chip Issuer Relationships
3. Broad Base of Blue-Chip Issuer Relationships Greater visibility, broader access, lower costs — on the rails issuers already trust. Seamless Integration Trusted Partner No listing change Direct relationship Nearly 3,000 blue chip global Issuers keep their primary venue - corporate issuers, includi
Slide 11: Strong Diversified Earnings
Strong Diversified Earnings Adds high-margin, durable, recurring revenue at scale Scaled High High Cash Platform Quality Margin Generative ~$1.3B ~85%+ ~50%+ ~$1B+ Combined Revenue Combined 2026E 2029E exit run-rate Cumulative Free Cash 2026 targeted to grow Recurring Revenue1 EBITDA Less Capex Flow
Slide 12: Transaction Summary
Financial Terms ▪ Bullish to acquire 100% of Equiniti for $4.2B ▪ Stock consideration valued at $2.35B in newly issued Bullish ordinary shares valued at $38.48 per share based on Bullish’s 30-day VWAP as of close on May 4, 2026 ▪ Bullish to assume Equiniti's existing $1.85B debt comprised of a $1.5B
Slide 13: 2026E Combined Financial Outlook
2026E Combined Financial Outlook Pre-Close / Pre-Synergy 2026E Outlook Bullish Standalone Low Base High Adjusted Transaction Revenue1 $140 $150 $160 Combined Company Subscription, Services & Other $220 $235 $250 Total Adjusted Revenue $360 $385 $410 (Pre-close, Pre-synergies) Adjusted OPEX ($210) ($
Slide 14: 2027E-2029E Combined Medium-Term Outlook
2027E-2029E Combined Medium-Term Outlook Revenue Growth Cost Optimization Profitability ■ 6-8%+ combined annual ■ $25-50M in annualized net ■ EBITDA Less Capex expected revenue growth, 2027E-2029E cost takeouts vs. combined to grow ~$100M+ per year 2026E base, targeted by during the medium-term ■ Gr
Slide 15: $BLSH
$BLSH The Next Evolution of Capital Markets Is Here.
Slide 16: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “will,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predic