[Bullish's $4.2B Equiniti deal](https://www.cnbc.com/2026/05/05/crypto-exchange-bullish-to-buy-equiniti.html) is peak market delusion wrapped in a press release. A crypto exchange dropping billions on a stodgy transfer agent business? That's textbook late-cycle empire-building — the kind of head-scratching M&A that happens when free money convinces tech CEOs they're the next Berkshire Hathaway.

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