Bullish has become the first New York Stock Exchange-listed company to fully tokenise its equity capitalisation table, with Maples Group advising on Cayman Islands aspects of the deal.
The company announced at Consensus Miami 2026 that its ordinary shares have been brought on-chain, allowing them to be recorded on the Solana blockchain while remaining within an established regulatory framework.
Under the structure, Bullish partnered with Equiniti, its US Securities and Exchange Commission-registered transfer agent, to administer the issuance and ongoing management of the tokenised shares.
The arrangement combines blockchain technology with the oversight of a regulated transfer agent, allowing share ownership records to be maintained on a public blockchain while preserving investor protections and regulatory safeguards.
The transaction changes how Bullish issues, records and transfers its ordinary shares. It builds on the market infrastructure that shifted from paper share certificates to electronic book-entry systems by moving the share register onto a public blockchain.
In a press release on 30 July, Maples Group said it advised on the Cayman corporate and regulatory law aspects of the transaction.
The cross-border team was led by partner and Asia head of corporate Matt Roberts in Hong Kong and regulatory and financial services partner Patrick Head in Cayman, with support from regulatory and financial services of counsel Daniel Moore in Hong Kong.
Roberts said: “This transaction marks an important milestone in the ongoing convergence of traditional capital markets and blockchain technology.
“Tokenisation has long been discussed as a means of enhancing efficiency, transparency and accessibility in financial markets, and Bullish’s pioneering approach demonstrates how these benefits can be achieved within an established regulated framework.
“We are delighted to have advised Bullish on this market-leading transaction and look forward to seeing continued innovation in this space.”
Head added that as tokenisation continues to gain traction across the financial services industry, legal and regulatory certainty remains essential.
“This transaction highlights how innovative digital asset solutions can be implemented within established regulatory frameworks, providing both operational efficiencies and the governance standards expected by institutional participants,” he said.
“We are pleased to have supported Bullish on this landmark transaction.”
