Bullish stock rises as SEC creates path for tokenized trading

Bullish Inc stock rose 5.0% in morning trading after the Securities and Exchange Commission announced a new regulatory framework for tokenized stock trading on blockchain platforms.

The SEC introduced an "Innovation Exemption" framework that allows qualifying platforms designated as Tokenized Securities Venues to conduct onchain trading of certain U.S.-listed stocks through permissioned automated market makers. The exemption took effect immediately. Token holders will retain full voting rights and dividend entitlements equivalent to conventional shareholders.

Bullish was the first NYSE-listed company to fully tokenize its equity cap table on the Solana blockchain. The company launched live tokenized BLSH share trading on its Gibraltar-regulated exchange in August 2026, settled against a USD stablecoin.

The company has a pending $4.2 billion acquisition of transfer agent Equiniti, which is expected to close in January 2027. The acquisition is designed to provide Bullish with end-to-end infrastructure across the full tokenization lifecycle.

Thomas Cowan, Bullish's global head of tokenization, said the SEC's move is "a step in the right direction," adding that it signals regulators are actively thinking about how to enable new market structures for onchain securities.

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