Bullish (NYSE: BLSH), a digital asset platform, has appointed Thomas Cowan as Head of Tokenization, according to a company statement. Cowan will lead the firm's tokenization strategy across its exchange infrastructure, market data services, and pending acquisition assets.

Cowan joins from Galaxy, where he led institutional tokenization efforts. His work there included what the company described as Galaxy becoming the first Nasdaq-listed company to tokenize its stock on a major U.S. blockchain, in partnership with Superstate. He also led Galaxy's tokenized liquidity fund partnership with State Street Investment Management, the tokenization of the firm's first collateralized loan obligation, and co-founded Euro stablecoin issuer AllUnity, serving as a board member of the joint venture alongside Flow Traders and DWS.

Before Galaxy, Cowan worked in stablecoin strategy at Paxos and at the Federal Reserve Bank of Boston on Project Hamilton, a joint digital currency initiative with MIT.

"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.

The appointment follows several moves by Bullish in the tokenized securities space. In May 2026, the company agreed to acquire global transfer agent Equiniti in a $4.2 billion transaction. The deal is expected to close in January 2027, subject to regulatory approvals and customary closing conditions. In June 2026, Bullish received approval from the Gibraltar Financial Services Commission to offer trading in tokenized securities to eligible non-U.S. investors.

Bullish is the parent company of CoinDesk and operates a digital asset exchange alongside other market infrastructure and information services.