StoneX Financial initiated coverage of Bullish with a Buy rating and a $42 target, implying roughly 97% upside, as its $4.2 billion Equiniti deal could position the exchange to benefit from tokenized shares. Bullish traded above $22, up 2.9% in early morning trading on Monday, according to The Block. The deal includes $1.85 billion in assumed debt and about $2.35 billion in Bullish shares and would add transfer-agency services for nearly 3,000 issuers. Tokenized equities total about $2.1 billion onchain, while the broader market could reach $9.4 trillion by 2030. StoneX cited delays, slower adoption and competition as risks; Bullish also appointed former New York Stock Exchange President Stacey Cunningham as president while awaiting regulatory approval.