Cryptocurrency firm Bullish to go public in $9 bln SPAC deal

Cryptocurrency company Bullish announced on Friday it had agreed to go public on the New York Stock Exchange through a merger with Far Peak Acquisition (FPAC.N), a special purpose acquisition company (SPAC), in a $9 billion deal.

Bullish, a unit of blockchain software company Block.one, plans to launch a regulated crypto exchange later this year.

The company is backed by billionaire entrepreneur Peter Thiel’s Thiel Capital and Founders Fund, British hedge fund manager Alan Howard, U.S. hedge fund manger Louis Bacon, Hong Kong billionaire Richard Li, German investor Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and Japanese bank Nomura.

The combined Bullish and Far Peak entity is poised to have a pro forma equity value at signing of approximately $9 billion, to be adjusted at the closing of the transaction based on crypto asset prices around that time, Bullish said in a statement.

Bullish and Far Peak’s merger will result in proceeds that include net cash in trust of approximately $600 million, assuming no redemptions.

Market sentiment on cryptocurrencies has dimmed as China, Britain and Japan clamp down on the sector.

“Bullish’s entry into the public markets allows our customers to take part in Bullish by holding a piece of our company, without any of the regulatory uncertainties or jurisdictional limitations of a profit-sharing token issuance,” Brendan Blumer, Block.one’s chief executive officer and the incoming chairman of Bullish, said in an email to Reuters.

The merger is expected to close by the end of 2021 and is subject to approval by Far Peak stockholders and other customary closing conditions, including regulatory approvals.

Far Peak is a SPAC focused on bringing leading financial and financial technology companies public. Far Peak CEO and Chairman Thomas Farley previously served as the president of the New York Stock Exchange. He will now become the CEO of Bullish.

oneroot.io

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Dark Side of NFTs — Money Laundering

Crypto is becoming more and more mainstream, with major South Korean securities firms warming to…

HODLERS NETWORK: THE SCAM-PROOF BLOCKCHAIN-BASED SOCIAL PLATFORM

PlayNity Report — Q1 2022

What is Blockchain?

Orion Protocol — One platform to rule them all

BunnyPark Weekly Events: Top 10 BSC MVB II Outstanding Projects + The Auction of BunnyPark KING

Step by Step — Worbli Token Claim and Account Set Up Tutorial

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ONEROOT

ONEROOT

oneroot.io

More from Medium

Is crypto the future? or just a bubble waiting to burst?

Rarionance Making Waves

What is Blockchain and How is It Related to Cryptocurrency?

Which cryptocurrency is best to invest in, and how do you decide on the right one?