Digital Asset Milestone
Bullish secures Gibraltar approval for tokenized securities trading, advancing digital asset infrastructure.
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Bullish (NYSE: BLSH), the global digital asset platform, has received approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenized securities, the company announced on June 29, 2026, according to Business Wire. The move makes Bullish one of the first regulated platforms to offer this service under a dedicated blockchain legal framework.
Tokenized securities are traditional stocks and bonds that live on a blockchain. They settle in seconds instead of days and can trade 24 hours a day, 7 days a week. CEO Tom Farley said Gibraltar "has once again shown how thoughtful regulation can unlock innovation," per MarketScreener.
Gibraltar Became the World's First DLT Regulator
Gibraltar launched its Distributed Ledger Technology (DLT) framework on January 1, 2018 — the first jurisdiction in the world to do so, according to Business Wire. DLT is the technology behind blockchains. The framework uses broad principles rather than rigid rules. That flexibility let Gibraltar move faster than U.S. or EU regulators when new use cases like tokenized securities emerged.
Gibraltar deepened its push in April 2026, passing the Protected Cell Companies (Amendment) Bill 2026. That law formally recognizes tokenized fund shares and blockchain-based share registers as legally valid, according to Financial Content. Gibraltar's Minister for Financial Services, Nigel Feetham, said the country is "committed to being at the forefront of regulated innovation" and wants to reinforce its reputation as "a quality financial center."
Bullish's $4.2 Billion Bet on End-to-End Securities Infrastructure
The GFSC approval does not stand alone. On May 5, 2026, Bullish agreed to buy Equiniti (EQ), a traditional share registry firm, for $4.2 billion, according to Business Wire. Equiniti is an SEC-registered transfer agent. It serves nearly 3,000 corporate issuers and supports over 20 million shareholders. The deal is expected to close in January 2027.
Once the deal closes, Bullish will control the entire life of a security: issuance, registry, and trading. Bullish has chosen the Solana blockchain to power its tokenized shares, a major institutional vote of confidence for the network. The combined company is projected to generate $1.3 billion in adjusted revenue in 2026, per MarketScreener.
Why Tokenization Matters: Settling Trades in Seconds, Not Days
Today, buying a stock takes two business days to fully settle. Bullish compares tokenization to the 1970s shift from paper certificates to electronic records. Tokenized securities cut settlement to near-instant. They also allow automated dividends and shareholder votes through smart contracts — self-executing code on a blockchain, according to Financial Content.
For now, the service is open only to eligible non-U.S. investors. That restriction is a deliberate choice. The U.S. Securities and Exchange Commission has not yet built a clear framework for tokenized securities, per MarketScreener. Critics call this "regulatory arbitrage" — moving to friendlier rules offshore to sidestep U.S. requirements.
Skeptics Warn of Market Fragmentation and Investor Risk
Not everyone is cheering. Citadel Securities sent a formal letter to the SEC in December 2025, warning that 24/7 blockchain markets could fragment liquidity. Fragmentation means buyers and sellers are spread across many venues, making it harder to get a fair price. Investor Michael Burry, famous for predicting the 2008 housing crash, warned the trend could lead to a "Snow Crash cyber-punk future," per Business Wire.
Legal experts at Isolas, a Gibraltar law firm, offer a more measured view. They say this approval is not "an immediate secondary market explosion" but rather "the laying of critical foundations" for a shift that could take a decade to fully play out. Meanwhile, BLSH shares trade at roughly $23.29 — just above their 52-week low of $21.76 — and have fallen 66% over the past year, per Financial Content.
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