Maples Group Advises Bullish on Landmark Share Tokenisation
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Maples Group is delighted to have acted as Cayman Islands legal counsel to Bullish (NYSE: BLSH), the institutionally focused global digital asset platform, on the Cayman Islands regulatory and corporate law aspects of the tokenisation of its ordinary shares.
As announced by Bullish at Consensus Miami 2026, the transaction brings BLSH shares onchain, making Bullish the first NYSE-listed company to fully tokenise its equity cap table.
Under the structure implemented, Bullish partnered with Equiniti (EQ), its SEC-registered transfer agent, to administer the issuance and ongoing management of the tokenised shares on the Solana blockchain. The structure combines the efficiencies of blockchain technology with the oversight and investor protections of established market infrastructure.
The transaction represents a significant step in the evolution of capital markets. By recording ordinary shares on a public blockchain while maintaining regulatory safeguards and transfer agent oversight, the structure modernises the mechanics of share issuance, ownership records and transfers, building on a market infrastructure model that has remained largely unchanged since the transition from paper share certificates to electronic book-entry systems.
The cross-border Maples team was led by Matt Roberts, Partner and Asia Head of Corporate (Hong Kong), and Patrick Head, Regulatory & Financial Services Partner (Cayman Islands), with support from Daniel Moore, Regulatory & Financial Services Of Counsel (Hong Kong).
Commenting on the matter, Matt Roberts said: “This transaction marks an important milestone in the ongoing convergence of traditional capital markets and blockchain technology. Tokenisation has long been discussed as a means of enhancing efficiency, transparency and accessibility in financial markets, and Bullish’s pioneering approach demonstrates how these benefits can be achieved within an established regulated framework. We are delighted to have advised Bullish on this market-leading transaction and look forward to seeing continued innovation in this space.”
Patrick Head added: “As tokenisation continues to gain traction across the financial services industry, legal and regulatory certainty remains essential. This transaction highlights how innovative digital asset solutions can be implemented within established regulatory frameworks, providing both operational efficiencies and the governance standards expected by institutional participants. We are pleased to have supported Bullish on this landmark transaction.”
Maples Group advises a broad range of clients across the digital assets ecosystem, including crypto exchanges, token issuers, investment funds, fintech businesses and institutional market participants. With market-leading expertise spanning digital assets, blockchain, Web3 and tokenised finance, our cross-practice and cross-jurisdictional teams help clients navigate complex regulatory, corporate and finance matters while supporting innovation in rapidly evolving markets. For more details, please visit: Market-Leading Digital Asset Advisors | Maples Group
