Crypto startup Bullish has announced its plan to go public on the New York Stock Exchange (NYSE) through a merger with special purpose acquisition company Far Peak Acquisition Corporation (NYSE: FPAC), while also preparing to launch its cryptocurrency exchange.
SPAC Merger Details
Bullish revealed the merger on Friday, July 9, 2021. The combined business has a pro forma equity value at signing of approximately $9 billion at $10 per share. The transaction has been approved by the boards of both companies and is expected to close by the end of the year, subject to Far Peak stockholder approval and other customary closing conditions, including regulatory approvals.
Exchange Vision and Backers
Bullish aims to launch a "revolutionary, regulated cryptocurrency exchange that offers deep, predictable liquidity for investors to generate yield from their digital assets." The exchange is operated by Bullish (GI) Ltd. and is backed by prominent venture capitalists and investors, including Peter Thiel's Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer's Apeiron Investment Group, Galaxy Digital, and global investment bank Nomura.
Management and Timeline
Former NYSE president Thomas W. Farley will become CEO of Bullish, while Block.one CEO Brendan Blumer will serve as chairman. Farley commented: "With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today. We’re only in the first or second inning of the cryptocurrency market and I’m thrilled to be joining the Bullish team as we revolutionize the future of digital assets through cutting edge financial technologies." Bullish exchange will run a private pilot program in the coming weeks leading up to its public launch expected later in 2021.