MIAMI – May 5, 2026 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform providing market infrastructure and information services, today announced that shareholders can now hold BLSH ordinary shares as tokens on the Solana blockchain. With this launch, Bullish becomes the first NYSE-listed company to fully tokenize its own equity cap table. The launch is administered by Equiniti (EQ), Bullish's SEC-registered transfer agent, and was demonstrated live today at Consensus Miami 2026.

BLSH onchain shares represent a structural upgrade to U.S. market infrastructure. The last meaningful change happened more than fifty years ago, when the industry moved from paper certificates to electronic book-entry records. Since then, the underlying plumbing — siloed ledgers across issuers, transfer agents and broker-dealers, multi-day settlement cycles, limited shareholder visibility — has remained largely unchanged. Bringing real ordinary shares onto a public blockchain, administered by an SEC-registered transfer agent, is the next step.

For shareholders, holding tokens may open a set of possibilities that  the existing post-trade system was not built to provide - 24/7 markets and atomic settlement instead of T+1 batch processing, self-custody of shares in shareholder-controlled wallets, a unified real-time record of ownership, programmable corporate actions executed by smart contracts, and a direct issuer-shareholder relationship with real-time visibility into the cap table.

Vertical integration of the transfer agent into Bullish is what makes this issuer-centric model possible. Shareholder records are maintained in real-time synchronization between EQ's regulated registry and Bullish's blockchain infrastructure, allowing the issuance, administration and settlement of shares end-to-end on a single authoritative ledger — without the reconciliation gaps that exist when issuer, transfer agent, and broker-dealer records sit in separate systems. 

Onchain BLSH shares are issued and administered within the U.S. securities-law framework. EQ maintains the official record of ownership whether shares are held in book-entry form or token form, and shareholders can move between the two through EQ's Shareholder Central portal. 

Solana was selected as the first network for onchain BLSH based on its sub-second finality, low transaction fees, leading trading activity, and active developer community. Transfers of onchain BLSH today move bilaterally between EQ-whitelisted wallet addresses; AMM and DEX trading are not yet enabled. Any attempt to send BLSH tokens to a non-whitelisted address will fail at the smart-contract level, maintaining compliance with U.S. securities laws and anti-money-laundering rules. 

The official BLSH token contract address on Solana is 6d5zakCaxjjRALNRyudC6ArivxeBGT3XUAci7ybWQY8U - tokens claiming to represent BLSH from any other contract address are fraudulent. Shareholders can withdraw, hold, and return tokens through EQ's Shareholder Central portal.

This publication does not constitute an offer to sell or the solicitation of an offer to buy any of Bullish’s securities, nor shall there be any sale of Bullish’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Tokenized securities are a novel instrument and there is limited legal, regulatory, judicial, operational and market precedent for their treatment.  Holding tokenized securities may also introduce risks and uncertainties, which include, among others, the risk that tokenization may adversely impact liquidity, trading activity, or investor interest in Bullish’s ordinary shares; risks related to the loss of private keys and wallet access; and risks related to the regulatory treatment of tokenized securities.