Bullish (NYSE: BLSH), the Cayman Islands-based institutional digital asset platform, announced it has received approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenized securities. The authorization places Bullish among the earliest regulated venues worldwide permitted to facilitate trading in issuer-sponsored tokenized assets.
The decision builds directly on the partnership between Bullish and Gibraltar that began in 2025.
It further cements Gibraltar’s position as a global leader in creating a dedicated legal framework for Distributed Ledger Technology (DLT) in financial services.
Tom Farley, CEO of Bullish Group, welcomed the milestone.
“Gibraltar has once again shown how thoughtful regulation can unlock innovation,” he said.
“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.”
The Hon. Nigel Feetham KC MP, Gibraltar’s Minister for Financial Services, also expressed support:
“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 tokenized securities, reinforcing Gibraltar’s reputation as a quality financial center.”
Tokenized securities use blockchain infrastructure to modernize traditional capital markets.
For investors and traders, the technology promises continuous 24/7 trading, near-instant settlement, and the removal of the multi-day delays common in conventional post-trade processing.
Issuers gain a more direct connection with shareholders, clearer visibility into ownership records, and streamlined corporate actions.
Bullish intends to deliver these advantages to eligible non-U.S. investors while operating under Gibraltar’s established supervisory standards and investor protections.
The approval advances Bullish’s wider strategy to build complete end-to-end infrastructure for tokenized securities.
In May 2026, the company announced a definitive agreement to acquire Equiniti, a leading global transfer agent that acts as the official record-keeper for nearly 3,000 issuers and supports more than 20 million shareholders.
Once completed, the combined platform is designed to cover the full lifecycle of a tokenized security — from issuance and registry services through to secondary-market trading — by linking regulated transfer-agency record-keeping with Bullish’s blockchain-based trading capabilities.
The GFSC approval specifically adds a regulated venue for secondary trading to this integrated vision.
Trading in tokenized securities is expected to begin in the coming weeks, subject to final pre-launch conditions.
Bullish will continue working closely with the GFSC as it develops the offering, with further operational details to be shared in due course.
This regulatory step highlights the accelerating convergence of blockchain technology and traditional finance under established oversight. It offers a practical example of how jurisdictions can create supervised environments that support innovation while maintaining market integrity and investor safeguards.