Bullish on Tokenization

Research evidence excerpt

Bullish on Tokenization

May 14, 2026

interested in tokenization initiatives. Management specifically highlighted inbound

interest from non-crypto-native companies, including industrial and Dow-related

issuers. The company also reiterated that the combined platform is designed

to interoperate with existing market infrastructure, such as DTCC, Euroclear,

and Clearstream, rather than replace them outright. Management also provided

incremental commentary on its regulatory roadmap. Bullish filed applications for

futures and options exchange and clearinghouse licenses (i.e., DCM and DCO)

during the quarter, and stated that conversations with the CFTC have thus far been

constructive. While management declined to provide a precise approval timeline, it

noted that recent DCO approvals under the current CFTC have occurred in less than

one year in certain cases. Management reiterated expectations to obtain both U.S.

and European licenses before the end of 2026, and additionally indicated that Bullish

expects to pursue a broker-dealer license filing during May.

Combined Financial Outlook. Management reiterated the previously disclosed

company financial outlook introduced alongside the Equiniti announcement.

For 2026E (pre-close and pre-synergies), Bullish expects the company to generate:

●~$1.25B-1.35B of adjusted revenue

●~$490M-530M of adjusted EBITDA less CapEx

●~$270M-290M of adjusted net income

Over the medium term (2027E-2029E), management outlined:

●6-8%+ combined annual revenue growth

●~$25M-50M of annualized net cost reductions

●~$100M+ of annual EBITDA less CapEx growth

●~50%+ exit adjusted EBITDA less CapEx margin target by 2029E

●~$1B+ cumulative FCF generation from 2027E-2029E

Management highlighted 20% growth from Tokenization & Blockchain Services over