Bullish Cracks Open Tokenized Securities Trading With Gibraltar Green Light — A Regulated First

Trading is expected to launch in the coming weeks for eligible non-US customers, subject to final conditions.

• Bullish received approval from Gibraltar's financial regulator on Monday to offer trading in tokenized securities.
• The authorization positions Bullish among the first regulated venues to support secondary trading of tokenized assets.
• The approval advances Bullish's broader tokenization strategy following its planned acquisition of transfer agent Equiniti.

Crypto exchange Bullish (BLSH) has received approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenized securities, positioning the company among the first regulated venues to do so.

The institutionally focused digital-asset platform reported on Monday that the approval marked a further milestone in its deepening collaboration with Gibraltar to build regulated infrastructure for digital assets. 

"Gibraltar is committed to being at the forefront of regulated innovation in financial services," said Nigel Feetham, the territory's Minister for Financial Services, adding that the move reinforced Gibraltar's reputation as a quality financial center.

BLSH's stock was down over 1% during early morning trade. On Stocktwits, the retail sentiment around BLSH remained in the ‘bearish’ zone, while chatter around it stayed in the ‘high’ levels over the past day.

What Tokenized Securities Offer

By offering the product within Gibraltar's supervisory framework, Bullish said it intends to make those benefits available to eligible non-US customers. Trading is expected to go live in the coming weeks, subject to pre-go-live conditions.

Part Of A Bigger Tokenization Push

The approval advanced Bullish's broader strategy to build end-to-end infrastructure for tokenized securities. In May, the company announced that it would acquire Equiniti (EQ), a 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: issuance, registry and trading, connecting a regulated transfer agent's record-keeping with Bullish's blockchain and trading infrastructure. The GFSC approval adds a regulated secondary-trading venue to that vision.

Bullish’s relationship with the GFSC began in 2025 to explore regulated infrastructure for tokenized assets, and builds on Gibraltar's standing as one of the first jurisdictions to introduce a bespoke legal framework for firms using distributed-ledger technology.

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