Bullish appointed Thomas Cowan as its first Head of Tokenization, bringing in the former Galaxy executive to build infrastructure for tokenized securities across issuance, transfer agency, trading and settlement. Cowan joins from Galaxy where he led the institutional tokenization business, including projects involving tokenized equities, stablecoins and tokenized funds. The appointment reflects Bullish's strategy to position itself as a comprehensive infrastructure provider for digital securities rather than solely operating as a cryptocurrency exchange, as capital markets shift from tokenization pilot projects toward commercial deployment.
Cowan Brings Galaxy Tokenization Experience to Bullish
Cowan led Galaxy's institutional tokenization business before joining Bullish. At Galaxy, he led the project that made Galaxy the first Nasdaq-listed company to tokenize its own shares on a major U.S. blockchain in partnership with Equiniti and Superstate. The transaction avoided using a special purpose vehicle and was developed with regulatory input.
Cowan helped develop Galaxy's tokenized liquidity fund alongside State Street Investment Management and led the firm's first tokenized collateralized loan obligation initiative. He served as a founding board member of AllUnity, a euro stablecoin issuer involving DWS and Flow Traders.
Before Galaxy, Cowan worked on stablecoin strategy at Paxos and joined the Federal Reserve Bank of Boston's Project Hamilton, the central bank's research initiative with the Massachusetts Institute of Technology exploring central bank digital currency technology.
Bullish Builds Tokenization Platform With Equiniti Acquisition
Bullish agreed to acquire global transfer agent Equiniti in a $4.2 billion transaction expected to close in January 2027, subject to regulatory approvals. The acquisition would give Bullish one of the largest transfer agency businesses globally and add shareholder registry capabilities to its existing regulated exchange infrastructure.
The company operates a regulated exchange and acquired CoinDesk's indices and market data businesses. Bullish is assembling infrastructure covering the full lifecycle of tokenized securities, from issuance and shareholder registries through secondary-market trading and post-trade services.
Chief Executive Tom Farley stated that Cowan's experience would help establish infrastructure for tokenized securities. Farley said, "Thomas is a key addition to our team as we build the infrastructure for tokenized securities across the Bullish platform. His track record structuring and launching tokenization initiatives, combined with a deep understanding of market structure, will be instrumental as Bullish works to create the new standard for tokenized securities."
Cowan stated that Bullish has assembled core components across the tokenization lifecycle. He said, "Bullish has assembled the core components needed across the full tokenization lifecycle including a regulated exchange, the pending acquisition of global transfer agent Equiniti, and recent regulatory approval from the Gibraltar Financial Services Commission to offer tokenized securities trading. The opportunity now is to connect those components into core market infrastructure that both issuers and investors can rely on."
Gibraltar Regulator Approved Tokenized Securities Trading in June
Bullish received approval from the Gibraltar Financial Services Commission in June to offer trading in tokenized securities. The approval provides one of the first regulated venues for eligible non-U.S. investors to trade tokenized securities.
The regulatory approval adds to Bullish's existing infrastructure components, which include its regulated exchange operations, pending transfer agency capabilities through the Equiniti acquisition, and market data services from CoinDesk's indices and pricing businesses.
FAQ
What role did Thomas Cowan hold at Galaxy before joining Bullish?
Thomas Cowan led Galaxy's institutional tokenization business, where he oversaw projects including Galaxy becoming the first Nasdaq-listed company to tokenize its own shares on a major U.S. blockchain in partnership with Equiniti and Superstate. He also helped develop Galaxy's tokenized liquidity fund with State Street Investment Management and led the firm's first tokenized collateralized loan obligation initiative.
What is Bullish acquiring and when is the transaction expected to close?
Bullish agreed to acquire global transfer agent Equiniti in a $4.2 billion transaction expected to close in January 2027, subject to regulatory approvals. The acquisition would give Bullish one of the largest transfer agency businesses globally and add shareholder registry capabilities to its regulated exchange infrastructure.
When did Bullish receive regulatory approval to offer tokenized securities trading?
Bullish received approval from the Gibraltar Financial Services Commission in June to offer trading in tokenized securities, providing one of the first regulated venues for eligible non-U.S. investors.
