Cryptocurrency startup Bullish has unveiled its intention to go public on the New York Stock Exchange (NYSE) through a merger with special purpose acquisition company (SPAC) Far Peak Acquisition Corporation (NYSE: FPAC). The deal, announced on July 9, 2021, carries a pro forma equity value of approximately $9 billion at $10 per share, highlighting the growing convergence between the crypto industry and traditional capital markets.
SPAC Merger Details
The combined entity, approved by both boards, is expected to close by the end of 2021, subject to Far Peak stockholder approval and regulatory clearances. Bullish exchange is operated by Bullish (GI) Ltd., with Jefferies LLC serving as exclusive financial and capital markets advisor. Thomas W. Farley, former NYSE president and current Far Peak CEO, will take the helm as Bullish CEO, while Block.one CEO Brendan Blumer will become chairman. The transaction marks one of the largest SPAC mergers in the crypto sector to date.
Exchange Features and Timeline
Bullish describes its platform as a “revolutionary, regulated cryptocurrency exchange that offers deep, predictable liquidity for investors to generate yield from their digital assets.” Launched in May 2021, the exchange plans to run a private pilot program in the coming weeks ahead of its public debut later in 2021. 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.”
Notable Investor Backing
Bullish has secured backing from a roster of 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 Japanese investment bank Nomura. This diverse group underscores the appetite among traditional finance heavyweights for exposure to regulated crypto infrastructure. The exchange aims to differentiate itself through institutional-grade liquidity and compliance, addressing pain points such as slippage and counterparty risk that have hindered broader adoption.
Market Implications and Challenges
The SPAC route allows Bullish to bypass the lengthy traditional IPO process while securing a public valuation with strong institutional endorsement. If completed, Bullish would join a select group of publicly traded crypto exchanges on the NYSE, alongside Coinbase (which went public via direct listing). However, the deal faces potential headwinds: U.S. Securities and Exchange Commission (SEC) scrutiny of SPACs has intensified, and the crypto market’s regulatory landscape remains fluid. Competitors like Binance, Coinbase, and Kraken are already well-established, but Bullish’s focus on regulated deep liquidity could carve out a niche for institutional and high-net-worth investors seeking compliant yield generation. The coming months will reveal whether Bullish can execute on its ambitious roadmap and capture market share in a rapidly evolving ecosystem.