Cryptocurrency firm Bullish has announced its intent to debut on the New York Stock Exchange through a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).
The merger has a pro forma equity value at the signing of around $9bn at $10 per share, to be adjusted at deal closure based on crypto asset prices at that point of time.
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The proceeds include net cash in trust of approximately $600m and $300m of committed private investment in public equity anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Galaxy Digital, Cryptology Asset Group, and a number of other institutional investors.
The transaction is expected to close by the end of the year, subject to regulatory approvals.
Following the transaction, Far Peak CEO Thomas Farley will assume the role of Bullish CEO and Block.one CEO Brendan Blumer will become Bullish chairman.
Commenting on the development, Blumer said: “We believe Bullish’s real-time portfolio balancing tools, deep predictable liquidity, and industry-leading security and compliance represent a new breed of exchange design and can redefine how investors trade and manage digital assets.
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By GlobalData“We are excited to be partnering with Far Peak to bring Bullish into the public markets to offer our customers the opportunity to own a part of our business.”
In the weeks to come, Bullish exchange will operate a private pilot programme, which will eventually lead up to its anticipated public launch later this year.
During the pilot programme, participants can test and experience the platform within a simulated market environment.
The participants can test out Bullish exchange’s innovations, including the Bullish Hybrid Order Book and Liquidity Pools that are intended to offer deterministic liquidity in addition to a user-friendly trading experience, industry-grade security, and auditability.
Far Peak chairman and CEO Thomas Farley said: “Bullish is well positioned to strategically deliver value to its prospective shareholders as it capitalises on market trends and places technological innovation at the core of its identity.
“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 revolutionise the future of digital assets through cutting edge financial technologies.”
Last year, Bullish secured a $100m initial capital injection from Block.one, in addition to digital assets comprising 164,000 BTC and 20 million EOS.
The firm also concluded a previously announced $300m strategic investment round.
Last week, Indian digital payments provider Pine Labs secured $315m in fresh infusion as part of its ongoing funding round, bringing the total round size to over $600m.
Pine Labs, currently valued at $3bn, is preparing for an initial public offering (IPO) in the US in the next 18 months.
