<ul>
<li>Upwork 能否維持其復甦？看漲和看跌的理由</li>
</ul>
<p>Bullish NYSE: BLSH 表示已同意以 42 億美元收購 Equiniti，管理層將此交易框架為構建代幣化證券基礎設施的重要一步。</p>
<p>在宣佈交易的電話會議上，Bullish 首席執行官 Tom Farley 表示，此次收購將結合 Bullish 的區塊鏈和數字資產能力與 Equiniti 作為全球轉移代理的角色，後者為數千家上市公司提供服務。Farley 表示，Equiniti 在其客户名單上擁有超過 2500 家公共市場發行人，包括大約 35% 的標準普爾 500 指數公司和超過 50% 的富時 100 指數公司。</p>
<ul>
<li>MarketBeat 週迴顧 – 08/11 - 08/15</li>
</ul>
<p>“通過收購 Equiniti，我們將為代幣化的規模化實現匯聚所需的三個要素：技術堆棧、賬本基礎設施和發行人網絡，” Farley 説。</p>
<h2>交易條款和時間安排</h2>
<p>首席財務官 Dave Bonanno 表示，Bullish 已同意以 42 億美元收購 Equiniti，預計在 2027 年 1 月完成，需獲得監管批准和其他常規成交條件。</p>
<p>交易對價包括 Bullish 承擔 Equiniti 的 18.5 億美元債務，併發行約 6100 萬股新 Bullish 股票，基於 Bullish 的 30 天成交量加權平均價每股 38.48 美元，估值約為 23.5 億美元。Bonanno 表示，Bullish 預計在交易完成後將有約 2.22 億股完全攤薄的流通股。</p>
<p>Bonanno 表示，公司預計在當前比特幣價格水平下，交易完成後將保持超過 5 億美元的淨流動資產。他補充説，Bullish 預計 “在中期展望中將有約 10 億美元的預期自由現金流。”</p>
<h2>代幣化戰略</h2>
<p>Farley 在電話會議中大部分時間描述了 Bullish 的觀點，即區塊鏈技術代表了市場結構的下一個重大演變。他將代幣化與從紙質交易轉向電子市場的轉變進行了比較，表示代幣化資產可以提供始終在線的基礎設施、即時結算和可編程的公司行動。</p>
<p>Farley 表示，全球證券市場約為 270 萬億美元，並認為代幣化證券仍處於早期階段。他表示，自 Bullish 第三季度財報電話會議以來，非穩定幣代幣化資產已增長超過 50%，從大約 200 億美元增至 300 億美元，但相對於全球資本市場仍然較小。</p>
<p>根據 Farley 的説法，Bullish 確定了代幣化證券大規模採用的三個要求：端到端的代幣化堆棧、連接傳統金融和區塊鏈資產的統一賬本，以及廣泛的公共公司發行人接入。</p>
<p>Farley 表示，Equiniti 帶來了 Bullish 之前所沒有的發行人關係和轉移代理基礎設施。他表示，Equiniti 的客户關係平均超過 15 年，每年代表客户處理 5000 億美元的發行人支付。</p>
<h2>轉移代理角色</h2>
<p>Farley 表示，轉移代理在代幣化中至關重要，因為它們維護官方股東名冊。他表示，代幣化效果最佳時，代幣不僅僅是收據或合成敞口，而是反映實際的法律所有權。</p>
<p>“沒有轉移代理，代幣只是收據。有了轉移代理，它就成為法律所有權，” Farley 説。</p>
<p>Farley 表示，Bullish 和 Equiniti 已經合作開發了一個統一賬本，旨在實時跟蹤代幣化股份和有證書股份。他表示，該賬本旨在支持所有權記錄、公司行動、代理投票和通過 KYC 和 AML 能力的合規性。</p>
<p>他還表示，Bullish 的董事會已批准對公司所有股份的代幣化。Farley 表示，投資者如果被列入白名單，將能夠將代幣提取到自我保管的錢包中。</p>
<h2>財務展望</h2>
<p>Bonanno 表示，合併後的 2026 年展望（不包括協同效應）預計將包括 13 億美元的調整後總收入和約 5 億美元的調整後 EBITDA 減去資本支出。</p>
<p>對於 2027 年至 2029 年期間，Bonanno 表示 Bullish 預計總收入增長將從約 6% 加速至超過 8%，與合併後的 2026 年財務數據相比。他表示，這一增長將由代幣化和區塊鏈服務的約 20% 增長驅動，而傳統轉移代理收入和利息收入預計將相對持平。</p>
<p>Bonanno 表示，公司預計在 2027 年至 2029 年期間將比合並後的 2026 年財務結果多出 2500 萬至 5000 萬美元的額外成本削減。這反映出 5000 萬至 7500 萬美元的成本削減被約 2500 萬美元的新基礎設施和產品投資所抵消。</p>
<p>他説，Bullish 預計調整後 EBITDA 減去資本支出將在中期展望期間每年增長近 1 億美元，預計到 2029 年末的利潤率約為 50%。Bonanno 還表示，公司預計每年每股收益增長約 20%，累計自由現金流約為 10 億美元。</p>
<h2>監管和採用問題</h2>
<p>在問答環節中，分析師詢問了代幣化採用的速度、監管和競爭格局。Farley 表示，採用的時間表仍不確定，但他認為發行人對當前市場基礎設施感到不滿，因為其不透明性、中介和對所有權及交易活動的有限可見性。</p>
<p>在被問及監管時，Farley 表示《清晰法案》的通過將對採用產生積極影響，因為它將有助於定義 “什麼是證券，什麼是商品”，併為受監管市場參與者提供規則。他警告説，如果未能通過市場結構法案，可能會使行業回到模糊的時期。</p>
<p>博南諾表示，Equiniti 目前幾乎沒有區塊鏈收入，而 Bullish 認為這正是機會所在。他還提到，Equiniti 的利息收入與其處理的支付的浮動資金有關，浮動資金的組合大約是三分之二的美元和三分之一的英鎊。</p>
<p>法利表示，Bullish 不打算成為像紐約證券交易所或納斯達克那樣的主要上市場所。相反，他表示公司打算在受監管的場所提供流動性解決方案和二級交易，以及為發行人提供代幣化服務。</p>
<h2>關於 Bullish NYSE: BLSH</h2>
<p>Bullish NYSE: BLSH 是一家開發和運營數字資產市場基礎設施的公司，包括加密貨幣交易平台和相關技術服務。該公司的活動重點在於提供交易所服務、市場結構和交易技術，旨在支持數字資產的上市、執行和清算。Bullish 將自己定位為傳統資本市場實踐與不斷發展的加密貨幣生態系統之間的橋樑。</p>
<p>該業務是在與 Block.one 相關的情況下宣佈的，Block.one 是以其在 EOS 區塊鏈上的工作而聞名的軟件開發公司，成立的目的是創建一個受監管的、機構級的數字資產市場。</p>
<p><em>此即時新聞提醒由敍述科學技術和 MarketBeat 的金融數據生成，以便為讀者提供最快的報道和公正的覆蓋。如對本故事有任何問題或意見，請發送至 contact@marketbeat.com.</em></p>
<h2>你現在應該投資 1,000 美元在 Bullish 嗎？</h2>
<p>在考慮投資 Bullish 之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其向客户推薦的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦在更廣泛的市場注意到之前購買……而 Bullish 並不在名單上。</p>
<p>雖然 Bullish 目前在分析師中獲得了持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>在這裏查看這五隻股票</p>

BLSH

FBTC

ARKB

<p>Bullish (NYSE:BLSH) 宣佈達成以 42 億美元收購 Equiniti 的協議，旨在增強其代幣化證券的基礎設施。該交易預計將在 2027 年 1 月完成，Bullish 將承擔 Equiniti 的 18.5 億美元債務併發行新股。首席執行官 Tom Farley 強調了將技術、賬本基礎設施和發行人網絡結合在一起以實現代幣化的重要性。此次收購預計將推動顯著的收入增長和自由現金流，重點關注區塊鏈服務，並在交易後保持強勁的財務狀況</p>

<ul>
<li>Can Upwork Maintain Its Comeback? Reasons to Be Bullish and Bearish</li>
</ul>
<div class="lb-trans"><ul>
<li>Upwork 能否維持其復甦？看漲和看跌的理由</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 億美元收購 Equiniti，管理層將此交易框架為構建代幣化證券基礎設施的重要一步。</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>在宣佈交易的電話會議上，Bullish 首席執行官 Tom Farley 表示，此次收購將結合 Bullish 的區塊鏈和數字資產能力與 Equiniti 作為全球轉移代理的角色，後者為數千家上市公司提供服務。Farley 表示，Equiniti 在其客户名單上擁有超過 2500 家公共市場發行人，包括大約 35% 的標準普爾 500 指數公司和超過 50% 的富時 100 指數公司。</p>
</div><ul>
<li>MarketBeat Week in Review – 08/11 - 08/15</li>
</ul>
<div class="lb-trans"><ul>
<li>MarketBeat 週迴顧 – 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>“通過收購 Equiniti，我們將為代幣化的規模化實現匯聚所需的三個要素：技術堆棧、賬本基礎設施和發行人網絡，” Farley 説。</p>
</div><h2>Deal Terms and Timing</h2>
<div class="lb-trans"><h2>交易條款和時間安排</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>首席財務官 Dave Bonanno 表示，Bullish 已同意以 42 億美元收購 Equiniti，預計在 2027 年 1 月完成，需獲得監管批准和其他常規成交條件。</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>交易對價包括 Bullish 承擔 Equiniti 的 18.5 億美元債務，併發行約 6100 萬股新 Bullish 股票，基於 Bullish 的 30 天成交量加權平均價每股 38.48 美元，估值約為 23.5 億美元。Bonanno 表示，Bullish 預計在交易完成後將有約 2.22 億股完全攤薄的流通股。</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，公司預計在當前比特幣價格水平下，交易完成後將保持超過 5 億美元的淨流動資產。他補充説，Bullish 預計 “在中期展望中將有約 10 億美元的預期自由現金流。”</p>
</div><h2>Tokenization Strategy</h2>
<div class="lb-trans"><h2>代幣化戰略</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 在電話會議中大部分時間描述了 Bullish 的觀點，即區塊鏈技術代表了市場結構的下一個重大演變。他將代幣化與從紙質交易轉向電子市場的轉變進行了比較，表示代幣化資產可以提供始終在線的基礎設施、即時結算和可編程的公司行動。</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，全球證券市場約為 270 萬億美元，並認為代幣化證券仍處於早期階段。他表示，自 Bullish 第三季度財報電話會議以來，非穩定幣代幣化資產已增長超過 50%，從大約 200 億美元增至 300 億美元，但相對於全球資本市場仍然較小。</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>根據 Farley 的説法，Bullish 確定了代幣化證券大規模採用的三個要求：端到端的代幣化堆棧、連接傳統金融和區塊鏈資產的統一賬本，以及廣泛的公共公司發行人接入。</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 帶來了 Bullish 之前所沒有的發行人關係和轉移代理基礎設施。他表示，Equiniti 的客户關係平均超過 15 年，每年代表客户處理 5000 億美元的發行人支付。</p>
</div><h2>Transfer Agent Role</h2>
<div class="lb-trans"><h2>轉移代理角色</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，轉移代理在代幣化中至關重要，因為它們維護官方股東名冊。他表示，代幣化效果最佳時，代幣不僅僅是收據或合成敞口，而是反映實際的法律所有權。</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>“沒有轉移代理，代幣只是收據。有了轉移代理，它就成為法律所有權，” Farley 説。</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 已經合作開發了一個統一賬本，旨在實時跟蹤代幣化股份和有證書股份。他表示，該賬本旨在支持所有權記錄、公司行動、代理投票和通過 KYC 和 AML 能力的合規性。</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>他還表示，Bullish 的董事會已批准對公司所有股份的代幣化。Farley 表示，投資者如果被列入白名單，將能夠將代幣提取到自我保管的錢包中。</p>
</div><h2>Financial Outlook</h2>
<div class="lb-trans"><h2>財務展望</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，合併後的 2026 年展望（不包括協同效應）預計將包括 13 億美元的調整後總收入和約 5 億美元的調整後 EBITDA 減去資本支出。</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>對於 2027 年至 2029 年期間，Bonanno 表示 Bullish 預計總收入增長將從約 6% 加速至超過 8%，與合併後的 2026 年財務數據相比。他表示，這一增長將由代幣化和區塊鏈服務的約 20% 增長驅動，而傳統轉移代理收入和利息收入預計將相對持平。</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，公司預計在 2027 年至 2029 年期間將比合並後的 2026 年財務結果多出 2500 萬至 5000 萬美元的額外成本削減。這反映出 5000 萬至 7500 萬美元的成本削減被約 2500 萬美元的新基礎設施和產品投資所抵消。</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>他説，Bullish 預計調整後 EBITDA 減去資本支出將在中期展望期間每年增長近 1 億美元，預計到 2029 年末的利潤率約為 50%。Bonanno 還表示，公司預計每年每股收益增長約 20%，累計自由現金流約為 10 億美元。</p>
</div><h2>Regulatory and Adoption Questions</h2>
<div class="lb-trans"><h2>監管和採用問題</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>在問答環節中，分析師詢問了代幣化採用的速度、監管和競爭格局。Farley 表示，採用的時間表仍不確定，但他認為發行人對當前市場基礎設施感到不滿，因為其不透明性、中介和對所有權及交易活動的有限可見性。</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>在被問及監管時，Farley 表示《清晰法案》的通過將對採用產生積極影響，因為它將有助於定義 “什麼是證券，什麼是商品”，併為受監管市場參與者提供規則。他警告説，如果未能通過市場結構法案，可能會使行業回到模糊的時期。</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>博南諾表示，Equiniti 目前幾乎沒有區塊鏈收入，而 Bullish 認為這正是機會所在。他還提到，Equiniti 的利息收入與其處理的支付的浮動資金有關，浮動資金的組合大約是三分之二的美元和三分之一的英鎊。</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 不打算成為像紐約證券交易所或納斯達克那樣的主要上市場所。相反，他表示公司打算在受監管的場所提供流動性解決方案和二級交易，以及為發行人提供代幣化服務。</p>
</div><h2>About Bullish NYSE: BLSH</h2>
<div class="lb-trans"><h2>關於 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 是一家開發和運營數字資產市場基礎設施的公司，包括加密貨幣交易平台和相關技術服務。該公司的活動重點在於提供交易所服務、市場結構和交易技術，旨在支持數字資產的上市、執行和清算。Bullish 將自己定位為傳統資本市場實踐與不斷發展的加密貨幣生態系統之間的橋樑。</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>該業務是在與 Block.one 相關的情況下宣佈的，Block.one 是以其在 EOS 區塊鏈上的工作而聞名的軟件開發公司，成立的目的是創建一個受監管的、機構級的數字資產市場。</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>此即時新聞提醒由敍述科學技術和 MarketBeat 的金融數據生成，以便為讀者提供最快的報道和公正的覆蓋。如對本故事有任何問題或意見，請發送至 contact@marketbeat.com.</em></p>
</div><h2>Should You Invest $1,000 in Bullish Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1,000 美元在 Bullish 嗎？</h2>
</div><p>Before you consider Bullish, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮投資 Bullish 之前，你需要聽聽這個。</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 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其向客户推薦的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦在更廣泛的市場注意到之前購買……而 Bullish 並不在名單上。</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>雖然 Bullish 目前在分析師中獲得了持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

Bullish Bets $4.2B on Tokenized Securities With Equiniti Deal

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Bullish 通過與 Equiniti 的交易，以 42 億美元押注代幣化證券