Approval positions Bullish among the first regulated venues to offer trading in issuer-sponsored tokenized securities.

Cayman Islands - Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced that it has received approval from the Gibraltar Financial Services Commission (GFSC) for tokenized securities. The approval marks a further milestone in the deepening collaboration between Bullish and Gibraltar to build regulated infrastructure for digital assets.

The approval builds on the ongoing collaboration between Bullish and the GFSC, which began in 2025, to explore regulated infrastructure for digital assets. It reflects Gibraltar's continued leadership as the first jurisdiction globally to introduce a bespoke legal framework for firms using Distributed Ledger Technology (DLT).

"Gibraltar has once again shown how thoughtful regulation can unlock innovation. This approval allows us to bring the benefits of tokenization to securities markets within a robust, supervised framework, and continues the work we began with the GFSC to set a global standard for regulated digital asset markets," said Tom Farley, CEO of Bullish Group.

The Hon Nigel Feetham KC MP, Minister for Financial Services, said: "Gibraltar is committed to being at the forefront of regulated innovation in financial services. We are pleased to deepen our relationship with Bullish and to support the responsible development of tokenised securities, reinforcing Gibraltar's reputation as a quality financial center."

Tokenized securities aim to bring the efficiencies of blockchain infrastructure to traditional capital markets. For traders and investors, tokenization can enable continuous 24/7 trading, near-instant settlement, and the ability to move assets without the multi-day delays of conventional post-trade processing. For issuers, it offers the prospect of a more direct relationship with their shareholders, greater transparency into ownership, and the potential to streamline corporate actions. By offering trading in tokenized securities within Gibraltar's supervisory framework, Bullish intends to make these benefits available to eligible non-U.S. investors while maintaining the investor protections and regulatory oversight expected of established markets.

The approval advances Bullish's broader strategy to build end-to-end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti (EQ), a leading global transfer agent that serves as the system of record for nearly 3,000 issuer clients and supports more than 20 million shareholders. Once that transaction completes, the combined platform is designed to span the full lifecycle of a tokenized security, inclusive of issuance, registry, and trading, connecting the trusted record-keeping of a regulated transfer agent with Bullish's blockchain and trading infrastructure. The GFSC approval adds a regulated venue for secondary trading to that vision. 

Trading in tokenized securities is expected to go live in the coming weeks, subject to pre-go live conditions.  Bullish will continue to work with the GFSC as it develops its tokenized securities offering, with further details to follow.