Bullish has appointed Thomas Cowan as its new Head of Tokenization to strengthen its strategy for building market infrastructure for tokenized securities. The appointment supports Bullish's long-term vision of combining regulated exchange services, digital asset market infrastructure, and transfer agent capabilities to accelerate the adoption of tokenized financial assets.
Bullish continues to expand its presence in digital asset infrastructure by appointing Thomas Cowan to oversee its tokenization strategy. In his new role, Cowan will help develop the company's end-to-end infrastructure for tokenized securities by leveraging Bullish's regulated exchange, CoinDesk's market data services, and the planned integration of Equiniti's global transfer agent capabilities.
Cowan joins Bullish after leading Galaxy's institutional tokenization business, where he played a key role in several high-profile blockchain and digital asset initiatives.
"Thomas is a key addition to our team as we build the infrastructure for tokenized securities across the Bullish platform," said Tom Farley, Bullish CEO.
"His track record structuring and launching tokenization initiatives, combined with a deep understanding of market structure, will be instrumental as Bullish works to create the new standard for tokenized securities."
During his tenure at Galaxy, Cowan led multiple initiatives focused on institutional blockchain adoption. He helped launch the first tokenization of a Nasdaq-listed company's stock on a major U.S. blockchain in partnership with Equiniti and Superstate, establishing a compliant framework for onshore equity tokens developed with regulatory input.
He also led:
Before joining Galaxy, Cowan worked on stablecoin strategy at Paxos and contributed to Project Hamilton at the Federal Reserve Bank of Boston, a joint central bank digital currency initiative with MIT.
Bullish believes tokenization is becoming a foundational element of modern financial markets. Cowan will focus on integrating the company's expanding capabilities into a unified platform that supports issuers and investors throughout the lifecycle of tokenized securities.
“I’m excited to be joining Bullish at a time when tokenization is becoming increasingly embedded in financial infrastructure," said Thomas Cowan, Head of Tokenization.
“Bullish has assembled the core components needed across the full tokenization lifecycle including a regulated exchange, the pending acquisition of global transfer agent Equiniti, and recent regulatory approval from the Gibraltar Financial Services Commission (GFSC) to offer tokenized securities trading. The opportunity now is to connect those components into core market infrastructure that both issuers and investors can rely on.”
The appointment follows several strategic initiatives aimed at strengthening Bullish's position in tokenized securities infrastructure.
In May 2026, Bullish announced its planned $4.2 billion acquisition of Equiniti, a move designed to create one of the world's largest transfer agents for tokenized securities. Once completed, the combined platform will support the full lifecycle of tokenized assets, from issuance and registry services to regulated trading.
The acquisition is expected to close in January 2027, subject to customary closing conditions and regulatory approvals.
Additionally, Bullish recently received approval from the Gibraltar Financial Services Commission (GFSC) to offer trading in tokenized securities, allowing eligible non-U.S. investors to access regulated tokenized financial products while maintaining investor protections.
The appointment of Thomas Cowan further strengthens Bullish's strategy to build compliant, institution-focused infrastructure that supports the growing adoption of tokenized securities across global capital markets.
Bullish is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.
Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.
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