<ul>
<li>Upwork 能否维持其复苏？看涨和看跌的理由</li>
</ul>
<p>Bullish NYSE: BLSH 表示已同意以 42 亿美元收购 Equiniti，管理层将此交易框架为构建代币化证券基础设施的重要一步。</p>
<p>在宣布交易的电话会议上，Bullish 首席执行官 Tom Farley 表示，此次收购将结合 Bullish 的区块链和数字资产能力与 Equiniti 作为全球转移代理的角色，后者为数千家上市公司提供服务。Farley 表示，Equiniti 在其客户名单上拥有超过 2500 家公共市场发行人，包括大约 35% 的标准普尔 500 指数公司和超过 50% 的富时 100 指数公司。</p>
<ul>
<li>MarketBeat 周回顾 – 08/11 - 08/15</li>
</ul>
<p>“通过收购 Equiniti，我们将为代币化的规模化实现汇聚所需的三个要素：技术堆栈、账本基础设施和发行人网络，” Farley 说。</p>
<h2>交易条款和时间安排</h2>
<p>首席财务官 Dave Bonanno 表示，Bullish 已同意以 42 亿美元收购 Equiniti，预计在 2027 年 1 月完成，需获得监管批准和其他常规成交条件。</p>
<p>交易对价包括 Bullish 承担 Equiniti 的 18.5 亿美元债务，并发行约 6100 万股新 Bullish 股票，基于 Bullish 的 30 天成交量加权平均价每股 38.48 美元，估值约为 23.5 亿美元。Bonanno 表示，Bullish 预计在交易完成后将有约 2.22 亿股完全摊薄的流通股。</p>
<p>Bonanno 表示，公司预计在当前比特币价格水平下，交易完成后将保持超过 5 亿美元的净流动资产。他补充说，Bullish 预计 “在中期展望中将有约 10 亿美元的预期自由现金流。”</p>
<h2>代币化战略</h2>
<p>Farley 在电话会议中大部分时间描述了 Bullish 的观点，即区块链技术代表了市场结构的下一个重大演变。他将代币化与从纸质交易转向电子市场的转变进行了比较，表示代币化资产可以提供始终在线的基础设施、即时结算和可编程的公司行动。</p>
<p>Farley 表示，全球证券市场约为 270 万亿美元，并认为代币化证券仍处于早期阶段。他表示，自 Bullish 第三季度财报电话会议以来，非稳定币代币化资产已增长超过 50%，从大约 200 亿美元增至 300 亿美元，但相对于全球资本市场仍然较小。</p>
<p>根据 Farley 的说法，Bullish 确定了代币化证券大规模采用的三个要求：端到端的代币化堆栈、连接传统金融和区块链资产的统一账本，以及广泛的公共公司发行人接入。</p>
<p>Farley 表示，Equiniti 带来了 Bullish 之前所没有的发行人关系和转移代理基础设施。他表示，Equiniti 的客户关系平均超过 15 年，每年代表客户处理 5000 亿美元的发行人支付。</p>
<h2>转移代理角色</h2>
<p>Farley 表示，转移代理在代币化中至关重要，因为它们维护官方股东名册。他表示，代币化效果最佳时，代币不仅仅是收据或合成敞口，而是反映实际的法律所有权。</p>
<p>“没有转移代理，代币只是收据。有了转移代理，它就成为法律所有权，” Farley 说。</p>
<p>Farley 表示，Bullish 和 Equiniti 已经合作开发了一个统一账本，旨在实时跟踪代币化股份和有证书股份。他表示，该账本旨在支持所有权记录、公司行动、代理投票和通过 KYC 和 AML 能力的合规性。</p>
<p>他还表示，Bullish 的董事会已批准对公司所有股份的代币化。Farley 表示，投资者如果被列入白名单，将能够将代币提取到自我保管的钱包中。</p>
<h2>财务展望</h2>
<p>Bonanno 表示，合并后的 2026 年展望（不包括协同效应）预计将包括 13 亿美元的调整后总收入和约 5 亿美元的调整后 EBITDA 减去资本支出。</p>
<p>对于 2027 年至 2029 年期间，Bonanno 表示 Bullish 预计总收入增长将从约 6% 加速至超过 8%，与合并后的 2026 年财务数据相比。他表示，这一增长将由代币化和区块链服务的约 20% 增长驱动，而传统转移代理收入和利息收入预计将相对持平。</p>
<p>Bonanno 表示，公司预计在 2027 年至 2029 年期间将比合并后的 2026 年财务结果多出 2500 万至 5000 万美元的额外成本削减。这反映出 5000 万至 7500 万美元的成本削减被约 2500 万美元的新基础设施和产品投资所抵消。</p>
<p>他说，Bullish 预计调整后 EBITDA 减去资本支出将在中期展望期间每年增长近 1 亿美元，预计到 2029 年末的利润率约为 50%。Bonanno 还表示，公司预计每年每股收益增长约 20%，累计自由现金流约为 10 亿美元。</p>
<h2>监管和采用问题</h2>
<p>在问答环节中，分析师询问了代币化采用的速度、监管和竞争格局。Farley 表示，采用的时间表仍不确定，但他认为发行人对当前市场基础设施感到不满，因为其不透明性、中介和对所有权及交易活动的有限可见性。</p>
<p>在被问及监管时，Farley 表示《清晰法案》的通过将对采用产生积极影响，因为它将有助于定义 “什么是证券，什么是商品”，并为受监管市场参与者提供规则。他警告说，如果未能通过市场结构法案，可能会使行业回到模糊的时期。</p>
<p>博南诺表示，Equiniti 目前几乎没有区块链收入，而 Bullish 认为这正是机会所在。他还提到，Equiniti 的利息收入与其处理的支付的浮动资金有关，浮动资金的组合大约是三分之二的美元和三分之一的英镑。</p>
<p>法利表示，Bullish 不打算成为像纽约证券交易所或纳斯达克那样的主要上市场所。相反，他表示公司打算在受监管的场所提供流动性解决方案和二级交易，以及为发行人提供代币化服务。</p>
<h2>关于 Bullish NYSE: BLSH</h2>
<p>Bullish NYSE: BLSH 是一家开发和运营数字资产市场基础设施的公司，包括加密货币交易平台和相关技术服务。该公司的活动重点在于提供交易所服务、市场结构和交易技术，旨在支持数字资产的上市、执行和清算。Bullish 将自己定位为传统资本市场实践与不断发展的加密货币生态系统之间的桥梁。</p>
<p>该业务是在与 Block.one 相关的情况下宣布的，Block.one 是以其在 EOS 区块链上的工作而闻名的软件开发公司，成立的目的是创建一个受监管的、机构级的数字资产市场。</p>
<p><em>此即时新闻提醒由叙述科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送至 contact@marketbeat.com.</em></p>
<h2>你现在应该投资 1,000 美元在 Bullish 吗？</h2>
<p>在考虑投资 Bullish 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前购买……而 Bullish 并不在名单上。</p>
<p>虽然 Bullish 目前在分析师中获得了持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

BLSH

FBTC

ARKB

<p>Bullish (NYSE:BLSH) 宣布达成以 42 亿美元收购 Equiniti 的协议，旨在增强其代币化证券的基础设施。该交易预计将在 2027 年 1 月完成，Bullish 将承担 Equiniti 的 18.5 亿美元债务并发行新股。首席执行官 Tom Farley 强调了将技术、账本基础设施和发行人网络结合在一起以实现代币化的重要性。此次收购预计将推动显著的收入增长和自由现金流，重点关注区块链服务，并在交易后保持强劲的财务状况</p>

<ul>
<li>Can Upwork Maintain Its Comeback? Reasons to Be Bullish and Bearish</li>
</ul>
<div class="lb-trans"><ul>
<li>Upwork 能否维持其复苏？看涨和看跌的理由</li>
</ul>
</div><p>Bullish NYSE: BLSH said it has agreed to acquire Equiniti in a $4.2 billion transaction that management framed as a major step toward building infrastructure for tokenized securities.</p>
<div class="lb-trans"><p>Bullish NYSE: BLSH 表示已同意以 42 亿美元收购 Equiniti，管理层将此交易框架为构建代币化证券基础设施的重要一步。</p>
</div><p>On a conference call announcing the deal, Bullish Chief Executive Officer Tom Farley said the acquisition would combine Bullish’s blockchain and digital asset capabilities with Equiniti’s role as a global transfer agent serving thousands of public companies. Farley said Equiniti has more than 2,500 public market issuers on its client list, including approximately 35% of the S&amp;P 500 and more than 50% of the FTSE 100.</p>
<div class="lb-trans"><p>在宣布交易的电话会议上，Bullish 首席执行官 Tom Farley 表示，此次收购将结合 Bullish 的区块链和数字资产能力与 Equiniti 作为全球转移代理的角色，后者为数千家上市公司提供服务。Farley 表示，Equiniti 在其客户名单上拥有超过 2500 家公共市场发行人，包括大约 35% 的标准普尔 500 指数公司和超过 50% 的富时 100 指数公司。</p>
</div><ul>
<li>MarketBeat Week in Review – 08/11 - 08/15</li>
</ul>
<div class="lb-trans"><ul>
<li>MarketBeat 周回顾 – 08/11 - 08/15</li>
</ul>
</div><p>“By acquiring Equiniti, we are assembling under one roof the three elements required for tokenization to become real at scale: the technology stack, the ledger infrastructure, and the issuer network,” Farley said.</p>
<div class="lb-trans"><p>“通过收购 Equiniti，我们将为代币化的规模化实现汇聚所需的三个要素：技术堆栈、账本基础设施和发行人网络，” Farley 说。</p>
</div><h2>Deal Terms and Timing</h2>
<div class="lb-trans"><h2>交易条款和时间安排</h2>
</div><p>Chief Financial Officer Dave Bonanno said Bullish has agreed to acquire Equiniti for $4.2 billion, with closing anticipated in January 2027, subject to regulatory approvals and other customary closing conditions.</p>
<div class="lb-trans"><p>首席财务官 Dave Bonanno 表示，Bullish 已同意以 42 亿美元收购 Equiniti，预计在 2027 年 1 月完成，需获得监管批准和其他常规成交条件。</p>
</div><p>The consideration includes Bullish assuming Equiniti’s $1.85 billion in debt and issuing approximately 61 million new Bullish shares, valued at about $2.35 billion based on Bullish’s 30-day volume-weighted average price of $38.48 per share. Bonanno said Bullish expects to have approximately 222 million fully diluted shares outstanding after the transaction closes.</p>
<div class="lb-trans"><p>交易对价包括 Bullish 承担 Equiniti 的 18.5 亿美元债务，并发行约 6100 万股新 Bullish 股票，基于 Bullish 的 30 天成交量加权平均价每股 38.48 美元，估值约为 23.5 亿美元。Bonanno 表示，Bullish 预计在交易完成后将有约 2.22 亿股完全摊薄的流通股。</p>
</div><p>Bonanno said the company expects to maintain a net liquid asset position exceeding $500 million after closing at current Bitcoin price levels. He added that Bullish expects “approximately $1 billion of expected free cash flow over the medium-term outlook.”</p>
<div class="lb-trans"><p>Bonanno 表示，公司预计在当前比特币价格水平下，交易完成后将保持超过 5 亿美元的净流动资产。他补充说，Bullish 预计 “在中期展望中将有约 10 亿美元的预期自由现金流。”</p>
</div><h2>Tokenization Strategy</h2>
<div class="lb-trans"><h2>代币化战略</h2>
</div><p>Farley used much of the call to describe Bullish’s view that blockchain technology represents the next major evolution in market structure. He compared tokenization to the shift from paper-based trading to electronic markets, saying tokenized assets can provide always-on infrastructure, instant settlement and programmable corporate actions.</p>
<div class="lb-trans"><p>Farley 在电话会议中大部分时间描述了 Bullish 的观点，即区块链技术代表了市场结构的下一个重大演变。他将代币化与从纸质交易转向电子市场的转变进行了比较，表示代币化资产可以提供始终在线的基础设施、即时结算和可编程的公司行动。</p>
</div><p>Farley said the global securities market is approximately $270 trillion and argued that tokenized securities remain in the early stages. He said non-stablecoin tokenized assets have grown by more than 50% since Bullish’s third-quarter earnings call, from roughly $20 billion to $30 billion, but remain small relative to global capital markets.</p>
<div class="lb-trans"><p>Farley 表示，全球证券市场约为 270 万亿美元，并认为代币化证券仍处于早期阶段。他表示，自 Bullish 第三季度财报电话会议以来，非稳定币代币化资产已增长超过 50%，从大约 200 亿美元增至 300 亿美元，但相对于全球资本市场仍然较小。</p>
</div><p>According to Farley, Bullish identified three requirements for large-scale adoption of tokenized securities: an end-to-end tokenization stack, a unified ledger connecting traditional finance and blockchain-based assets, and access to a broad base of public company issuers.</p>
<div class="lb-trans"><p>根据 Farley 的说法，Bullish 确定了代币化证券大规模采用的三个要求：端到端的代币化堆栈、连接传统金融和区块链资产的统一账本，以及广泛的公共公司发行人接入。</p>
</div><p>Farley said Equiniti brings the issuer relationships and transfer agent infrastructure that Bullish did not previously have. He said Equiniti has average client relationships of more than 15 years and processes $500 billion in issuer payments per year on behalf of customers.</p>
<div class="lb-trans"><p>Farley 表示，Equiniti 带来了 Bullish 之前所没有的发行人关系和转移代理基础设施。他表示，Equiniti 的客户关系平均超过 15 年，每年代表客户处理 5000 亿美元的发行人支付。</p>
</div><h2>Transfer Agent Role</h2>
<div class="lb-trans"><h2>转移代理角色</h2>
</div><p>Farley said transfer agents are central to tokenization because they maintain the official shareholder registry. He said tokenization works best when a token is not merely a receipt or synthetic exposure but reflects actual legal ownership.</p>
<div class="lb-trans"><p>Farley 表示，转移代理在代币化中至关重要，因为它们维护官方股东名册。他表示，代币化效果最佳时，代币不仅仅是收据或合成敞口，而是反映实际的法律所有权。</p>
</div><p>“Without the transfer agent, a token is just a receipt. With the transfer agent, it becomes legal title,” Farley said.</p>
<div class="lb-trans"><p>“没有转移代理，代币只是收据。有了转移代理，它就成为法律所有权，” Farley 说。</p>
</div><p>Farley said Bullish and Equiniti have already collaborated on a unified ledger designed to track tokenized shares and certificated shares in real time. He said the ledger is intended to support ownership records, corporate actions, proxy voting and compliance through KYC and AML capabilities.</p>
<div class="lb-trans"><p>Farley 表示，Bullish 和 Equiniti 已经合作开发了一个统一账本，旨在实时跟踪代币化股份和有证书股份。他表示，该账本旨在支持所有权记录、公司行动、代理投票和通过 KYC 和 AML 能力的合规性。</p>
</div><p>He also said Bullish’s board has approved tokenizing the company’s entire cap table of shares. Farley said investors would be able to withdraw tokens to a self-custodial wallet if they are whitelisted.</p>
<div class="lb-trans"><p>他还表示，Bullish 的董事会已批准对公司所有股份的代币化。Farley 表示，投资者如果被列入白名单，将能够将代币提取到自我保管的钱包中。</p>
</div><h2>Financial Outlook</h2>
<div class="lb-trans"><h2>财务展望</h2>
</div><p>Bonanno said the combined 2026 outlook, excluding synergies, is expected to include $1.3 billion of adjusted total revenue and approximately $500 million of adjusted EBITDA less CapEx.</p>
<div class="lb-trans"><p>Bonanno 表示，合并后的 2026 年展望（不包括协同效应）预计将包括 13 亿美元的调整后总收入和约 5 亿美元的调整后 EBITDA 减去资本支出。</p>
</div><p>For the 2027 through 2029 period, Bonanno said Bullish expects total revenue growth to accelerate from approximately 6% to more than 8% compared with combined 2026 financials. He said that growth would be driven by approximately 20% growth in tokenization and blockchain services, while traditional transfer agent revenue and interest income are expected to be relatively flat.</p>
<div class="lb-trans"><p>对于 2027 年至 2029 年期间，Bonanno 表示 Bullish 预计总收入增长将从约 6% 加速至超过 8%，与合并后的 2026 年财务数据相比。他表示，这一增长将由代币化和区块链服务的约 20% 增长驱动，而传统转移代理收入和利息收入预计将相对持平。</p>
</div><p>Bonanno said the company expects $25 million to $50 million of additional cost takeout between 2027 and 2029 compared with the combined 2026 financial results. That reflects $50 million to $75 million of cost reductions offset by about $25 million of investment in new infrastructure and product offerings.</p>
<div class="lb-trans"><p>Bonanno 表示，公司预计在 2027 年至 2029 年期间将比合并后的 2026 年财务结果多出 2500 万至 5000 万美元的额外成本削减。这反映出 5000 万至 7500 万美元的成本削减被约 2500 万美元的新基础设施和产品投资所抵消。</p>
</div><p>He said Bullish expects adjusted EBITDA less CapEx to grow nearly $100 million per year over the medium-term outlook period, with margins of approximately 50% exiting 2029. Bonanno also said the company expects EPS growth of approximately 20% per year and cumulative free cash flow of about $1 billion.</p>
<div class="lb-trans"><p>他说，Bullish 预计调整后 EBITDA 减去资本支出将在中期展望期间每年增长近 1 亿美元，预计到 2029 年末的利润率约为 50%。Bonanno 还表示，公司预计每年每股收益增长约 20%，累计自由现金流约为 10 亿美元。</p>
</div><h2>Regulatory and Adoption Questions</h2>
<div class="lb-trans"><h2>监管和采用问题</h2>
</div><p>During the question-and-answer session, analysts asked about the pace of tokenization adoption, regulation and the competitive landscape. Farley said the timeline for adoption remains uncertain, but he argued that issuers are dissatisfied with current market infrastructure because of opacity, intermediaries and limited visibility into ownership and trading activity.</p>
<div class="lb-trans"><p>在问答环节中，分析师询问了代币化采用的速度、监管和竞争格局。Farley 表示，采用的时间表仍不确定，但他认为发行人对当前市场基础设施感到不满，因为其不透明性、中介和对所有权及交易活动的有限可见性。</p>
</div><p>Asked about regulation, Farley said passage of the Clarity Act would be positive for adoption because it would help define “what is a security, what is a commodity” and provide rules of the road for regulated market participants. He cautioned that failure to pass a market structure bill could return the industry to a period of ambiguity.</p>
<div class="lb-trans"><p>在被问及监管时，Farley 表示《清晰法案》的通过将对采用产生积极影响，因为它将有助于定义 “什么是证券，什么是商品”，并为受监管市场参与者提供规则。他警告说，如果未能通过市场结构法案，可能会使行业回到模糊的时期。</p>
</div><p>Bonanno said Equiniti currently generates essentially no blockchain revenue, which Bullish sees as part of the opportunity. He also said Equiniti’s interest income is tied to float from payments it processes, with the float mix about two-thirds U.S. dollars and one-third pounds.</p>
<div class="lb-trans"><p>博南诺表示，Equiniti 目前几乎没有区块链收入，而 Bullish 认为这正是机会所在。他还提到，Equiniti 的利息收入与其处理的支付的浮动资金有关，浮动资金的组合大约是三分之二的美元和三分之一的英镑。</p>
</div><p>Farley said Bullish does not intend to become a primary listing venue like the New York Stock Exchange or Nasdaq. Instead, he said the company intends to provide liquidity solutions and secondary trading on regulated venues, along with tokenization services for issuers.</p>
<div class="lb-trans"><p>法利表示，Bullish 不打算成为像纽约证券交易所或纳斯达克那样的主要上市场所。相反，他表示公司打算在受监管的场所提供流动性解决方案和二级交易，以及为发行人提供代币化服务。</p>
</div><h2>About Bullish NYSE: BLSH</h2>
<div class="lb-trans"><h2>关于 Bullish NYSE: BLSH</h2>
</div><p>Bullish NYSE: BLSH is a company that develops and operates digital asset market infrastructure, including a cryptocurrency trading platform and related technology services. The firm's stated activities focus on providing exchange services, market structure and trading technology designed to support the listing, execution and clearing of digital assets. Bullish positions itself as a bridge between traditional capital markets practices and the evolving cryptocurrency ecosystem.</p>
<div class="lb-trans"><p>Bullish NYSE: BLSH 是一家开发和运营数字资产市场基础设施的公司，包括加密货币交易平台和相关技术服务。该公司的活动重点在于提供交易所服务、市场结构和交易技术，旨在支持数字资产的上市、执行和清算。Bullish 将自己定位为传统资本市场实践与不断发展的加密货币生态系统之间的桥梁。</p>
</div><p>The business was announced in connection with Block.one, the software developer known for its work on the EOS blockchain, and was formed with the intent of creating a regulated, institutional-grade marketplace for digital assets.</p>
<div class="lb-trans"><p>该业务是在与 Block.one 相关的情况下宣布的，Block.one 是以其在 EOS 区块链上的工作而闻名的软件开发公司，成立的目的是创建一个受监管的、机构级的数字资产市场。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙述科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送至 contact@marketbeat.com.</em></p>
</div><h2>Should You Invest $1,000 in Bullish Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 Bullish 吗？</h2>
</div><p>Before you consider Bullish, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑投资 Bullish 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bullish wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前购买……而 Bullish 并不在名单上。</p>
</div><p>While Bullish currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Bullish 目前在分析师中获得了持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Bullish Bets $4.2B on Tokenized Securities With Equiniti Deal

Market Beat

Bullish

Fidelity Wise Origin Bitcoin Fund - ETF

ARK 21Shares Bitcoin ETF

VanEck Bitcoin ETF

Leverage Shares 2X Long BLSH Daily ETF

IShares Ethereum Trust ETF

iShares Bitcoin Trust ETF

Franklin Bitcoin ETF

CoinShares Bitcoin ETF

ProShares Bitcoin Strategy ETF

21Shares Ethereum ETF

Franklin Ethereum ETF

Invesco Galaxy Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

Bitwise Ethereum ETF

WisdomTree Bitcoin Fund

VanEck Ethereum ETF

Fidelity Ethereum Fund

Invesco Galaxy Ethereum ETF

Proshares Ether Strategy ETF

Equiniti Group Plc

Upwork

标普 500 指数

Bullish 通过与 Equiniti 的交易，以 42 亿美元押注代币化证券