Gibraltar clears Bullish (NYSE: BLSH) to trade issuer tokenized securities

Rhea-AI Filing Summary

Bullish reported that the Gibraltar Financial Services Commission has approved its platform to offer trading in issuer-sponsored tokenized securities. This positions Bullish as one of the first regulated venues for these products and targets eligible non-U.S. investors within Gibraltar’s supervisory framework.

The company links this approval to its strategy of building end-to-end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti, a global transfer agent serving nearly 3,000 issuers and over 20 million shareholders, aiming to connect issuance, registry, and secondary trading on blockchain-based rails.

Trading in tokenized securities is expected to go live in the coming weeks, subject to pre-go-live conditions and ongoing work with the Gibraltar regulator. Bullish highlights potential benefits such as 24/7 trading, near-instant settlement, and more transparent issuer–shareholder relationships, while cautioning that these plans remain subject to regulatory and integration risks.

Positive

• Regulatory approval for tokenized securities trading – Bullish received Gibraltar Financial Services Commission approval to offer trading in issuer-sponsored tokenized securities, positioning it among the first regulated venues and supporting its strategy to build end-to-end tokenized market infrastructure.
• Strategic fit with Equiniti acquisition – The approval complements Bullish’s agreed acquisition of Equiniti, a large transfer agent, creating a planned platform that spans issuance, registry, and secondary trading for tokenized securities.

Negative

• None.

Insights

Digital assets regulation analyst

GFSC approval advances Bullish’s tokenized securities strategy but execution and regulatory risks remain.

Bullish has received Gibraltar Financial Services Commission approval to offer trading in issuer-sponsored tokenized securities. This creates a regulated venue for secondary trading and is framed as a milestone in Gibraltar’s bespoke Distributed Ledger Technology regime, aimed at eligible non-U.S. investors.

The company ties this license to its planned acquisition of Equiniti, a transfer agent for nearly 3,000 issuers and over 20 million shareholders. Combining Equiniti’s registry role with Bullish’s blockchain and trading infrastructure is intended to cover issuance, registry, and trading across the full lifecycle of a tokenized security.

Key dependencies include closing the Equiniti deal, satisfying pre‑go‑live conditions for trading, and maintaining required regulatory approvals in Gibraltar and other jurisdictions. Market impact will also depend on actual adoption of tokenized securities and evolving rules for digital assets and tokenization described in the forward‑looking statements and risk factors.

Key Figures

Gibraltar approval date: June 29, 2026 Equiniti issuer clients: nearly 3,000 issuers Equiniti shareholder records: more than 20 million shareholders

3 metrics

Gibraltar approval date June 29, 2026 Date of press release announcing GFSC approval

Equiniti issuer clients nearly 3,000 issuers Equiniti transfer agent client base referenced in May 2026 agreement

Equiniti shareholder records more than 20 million shareholders Shareholders supported by Equiniti’s transfer agent services

Key Terms

tokenized securities, Distributed Ledger Technology (DLT), transfer agent, MiCAR, +1 more

5 terms

tokenized securities financial

"Approval positions Bullish among the first regulated venues to offer trading in issuer-sponsored tokenized securities."

A digital representation of a traditional financial asset—such as a share, bond or fund—recorded on a blockchain or similar electronic ledger so ownership and transfers are tracked automatically. It matters to investors because tokenized securities can make buying, selling and dividing assets faster, cheaper and available around the clock, potentially increasing liquidity and allowing investors to buy smaller slices of expensive assets, while also introducing platform, custody and regulatory considerations.

Distributed Ledger Technology (DLT) technical

"first jurisdiction globally to introduce a bespoke legal framework for firms using Distributed Ledger Technology (DLT)."

A distributed ledger technology (DLT) is a secure, shared electronic system that records transactions across many separate computers so everyone holds the same up-to-date record — like a group Google Doc for financial entries where changes are locked in and time-stamped. It matters to investors because it can reduce middlemen, speed settlement, cut costs, and enable new types of assets and services, while also creating new operational and regulatory risks that affect company value.

transfer agent financial

"Equiniti (EQ), a leading global transfer agent that serves as the system of record"

A transfer agent is a financial service that keeps the official record of who owns a company's shares, handles the buying and selling of those shares on paper or electronically, and issues or cancels stock certificates. Think of it as the company’s records keeper and mailroom combined—investors rely on it to make sure dividends, shareholder mailings, ownership changes, and proxy voting are processed accurately and securely, which protects ownership rights and helps prevent errors or fraud.

MiCAR regulatory

"Bullish Europe is regulated under MiCAR as a crypto asset service provider"

MiCAR is a regulatory framework from the European Union that sets rules for crypto assets and the firms that issue, trade, or manage them, like a traffic code for digital tokens and the services around them. It matters to investors because it aims to reduce fraud and operational risk, increase transparency, and create consistent rules across markets so crypto offerings and platforms become easier to compare and potentially safer to hold or trade.

forward-looking statements regulatory

"This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 06/29/2026 - 06:45 AM Accepted by SEC EDGAR 06/29/2026 - 06:45 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of June 2026

Commission File No. 001-42797

BULLISH

Office 101, 103, 105 Suite 70202, Unit 7A-2B, 2nd Floor

Building A, Block 7, 60 Nexus Way, Camana Bay,

George Town, Grand Cayman, Cayman Islands, KY1-9005

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On June 29, 2026, Bullish issued a press release titled “Bullish receives Gibraltar Financial Services Commission approval for tokenized securities.” A copy of the press release is furnished as Exhibit 99.1 to this report on Form 6-K.

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press release of Bullish dated June 29, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BULLISH
Date: June 29, 2026	By:	/s/ Jose A. Torres
		Jose A. Torres
		Chief Accounting Officer

Exhibit 99.1

Bullish receives Gibraltar Financial Services Commission approval to offer trading in tokenized securities

Approval positions Bullish among the first regulated venues to offer trading in issuer-sponsored tokenized securities.

Cayman Islands - Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced that it has received approval from the Gibraltar Financial Services Commission (GFSC) for tokenized securities. The approval marks a further milestone in the deepening collaboration between Bullish and Gibraltar to build regulated infrastructure for digital assets.

The approval builds on the ongoing collaboration between Bullish and the GFSC, which began in 2025, to explore regulated infrastructure for digital assets. It reflects Gibraltar's continued leadership as the first jurisdiction globally to introduce a bespoke legal framework for firms using Distributed Ledger Technology (DLT).

"Gibraltar has once again shown how thoughtful regulation can unlock innovation. This approval allows us to bring the benefits of tokenization to securities markets within a robust, supervised framework, and continues the work we began with the GFSC to set a global standard for regulated digital asset markets," said Tom Farley, CEO of Bullish Group.

The Hon Nigel Feetham KC MP, Minister for Financial Services, said: "Gibraltar is committed to being at the forefront of regulated innovation in financial services. We are pleased to deepen our relationship with Bullish and to support the responsible development of tokenised securities, reinforcing Gibraltar's reputation as a quality financial center."

Tokenized securities aim to bring the efficiencies of blockchain infrastructure to traditional capital markets. For traders and investors, tokenization can enable continuous 24/7 trading, near-instant settlement, and the ability to move assets without the multi-day delays of conventional post-trade processing. For issuers, it offers the prospect of a more direct relationship with their shareholders, greater transparency into ownership, and the potential to streamline corporate actions. By offering trading in tokenized securities within Gibraltar's supervisory framework, Bullish intends to make these benefits available to eligible non-U.S. investors while maintaining the investor protections and regulatory oversight expected of established markets.

The approval advances Bullish's broader strategy to build end-to-end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti (EQ), a leading global transfer agent that serves as the system of record for nearly 3,000 issuer clients and supports more than 20 million shareholders. Once that transaction completes, the combined platform is designed to span the full lifecycle of a tokenized security, inclusive of issuance, registry, and trading, connecting the trusted record-keeping of a regulated transfer agent with Bullish's blockchain and trading infrastructure. The GFSC approval adds a regulated venue for secondary trading to that vision. 

Trading in tokenized securities is expected to go live in the coming weeks, subject to pre-go live conditions.  Bullish will continue to work with the GFSC as it develops its tokenized securities offering, with further details to follow.

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Forward Looking Statements

This press release 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,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements and include, without limitation, statements and information relating to the acquisition of Equiniti, the timing of, and our ability to obtain, maintain, and operate under, regulatory approvals, authorizations, licenses, registrations, and consents, including the expected timing of, and the satisfaction of pre-go-live and other conditions to, the commencement of trading in tokenized securities and the receipt of regulatory and other approvals required to complete the acquisition of Equiniti, the future financial or operating performance, business strategy, and potential market opportunity of Bullish, Equiniti or the combined companies, expectations related to the growth and adoption of tokenized securities and blockchain technology, future events or Bullish’s future financial or operating performance, business strategy, and potential market opportunity. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Bullish, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited to, the satisfaction of the conditions to closing the acquisition and combination in the anticipated timeframe or at all, the failure to obtain or maintain necessary regulatory approvals, licenses, and consents, including in connection with tokenized securities trading, and the risk that related pre-go live conditions are delayed, conditioned, withdrawn, or not satisfied on the anticipated timeline or at all, the ability to realize the anticipated benefits of the combination, the ability to successfully integrate the business, litigation or regulatory actions related to the acquisition and combination, disruption from the acquisition and combination and its impact on our ability to grow our business and operations, including in new geographic locations, the costs or expenditures associated therewith, competition in our industry, and the evolving rules and regulations applicable to digital assets, tokenization and our industry. You should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made, and Bullish undertakes no duty to update these forward-looking statements.

Contacts

Media: media@bullish.com

Investor Relations: investors@bullish.com

Source: Bullish

FAQ

What did Bullish (BLSH) announce regarding Gibraltar and tokenized securities?

Bullish announced it has received approval from the Gibraltar Financial Services Commission to offer trading in issuer-sponsored tokenized securities. This makes its platform one of the first regulated venues for such products, operating within Gibraltar’s supervisory framework for eligible non-U.S. investors.

How does the Gibraltar approval fit Bullish (BLSH)’s tokenization strategy?

The approval adds a regulated secondary trading venue to Bullish’s broader tokenized securities strategy. Combined with its planned acquisition of Equiniti, a major transfer agent, Bullish aims to cover issuance, registry, and trading on blockchain-based infrastructure for tokenized securities.

Who will be able to trade tokenized securities on Bullish (BLSH)?

Bullish intends to offer tokenized securities trading to eligible non-U.S. investors within Gibraltar’s regulatory framework. The company emphasizes investor protections and oversight consistent with established markets while enabling 24/7 trading and near-instant settlement via blockchain infrastructure.

What benefits does Bullish (BLSH) highlight for tokenized securities?

Bullish notes potential benefits such as continuous 24/7 trading, near‑instant settlement, and reduced post‑trade delays for traders and investors. For issuers, tokenized securities may provide more direct shareholder relationships, better ownership transparency, and streamlined corporate actions using blockchain infrastructure.

How does Equiniti relate to Bullish (BLSH)’s tokenized securities plan?

In May 2026, Bullish agreed to acquire Equiniti, a global transfer agent serving nearly 3,000 issuers and over 20 million shareholders. Once completed, this deal is intended to connect Equiniti’s registry capabilities with Bullish’s blockchain and trading platform for tokenized securities.

When will Bullish (BLSH) launch tokenized securities trading in Gibraltar?

Bullish states trading in tokenized securities is expected to go live in the coming weeks, subject to satisfaction of pre‑go‑live conditions. The company will continue working with the Gibraltar Financial Services Commission as it finalizes its tokenized securities offering.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 13.8 KB