StoneX Bullish Stock Price Up 97%, Acquisition of Equiniti Boosts Tokenization Market

StoneX Financial has initiated coverage on the cryptocurrency exchange Bullish with a "buy" rating and a target price of $42, indicating an upside potential of approximately 97%. Analyst Mark Palmer noted that Bullish's upcoming $4.2 billion acquisition of Equiniti is a key part of the bullish thesis. Once the deal is completed, Bullish will become the transfer agent for about 30% of S&P 500 companies and half of the FTSE 100 companies, controlling a critical node in the transition of stocks from database entries to tokens. Palmer stated that the on-chain scale of tokenized stocks is currently around $2.1 billion, while the global stock value stands at $151 trillion, with the tokenized asset market potentially reaching $9.4 trillion by 2030. Bullish reported a 62% year-over-year increase in adjusted revenue for the second quarter, reaching $92.6 million. StoneX also highlighted risks related to potential delays or failures in the Equiniti transaction, a slowdown in tokenization adoption, and competition from Nasdaq, DTCC, NYSE, Securitize, and others.

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