Cryptocurrency company Bullish announced Friday that it has agreed to go public on the New York Stock Exchange through a merger with Far Peak Acquisitions, a special purpose acquisition firm led by ex-NYSE chairman Thomas Farley, in a $9 billion deal. was.
Bullish, a unit of blockchain software company Block.one, is planning 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, US hedge fund manager Louis Bacon, Hong Kong billionaire Richard Lee, German investor Christian Engermaier’s Epiron Investment Group, Galaxy Digital and Japanese bank Nomura. received. .
The combined Bullish and Far Peak entity is ready for a pro forma equity value of approximately $9 billion at the signing, which will be adjusted at the conclusion of the transaction based on crypto asset prices around that time, Bullish said in a statement.
The merger of Bullish and Far Peak will result in income that includes net cash in trust of approximately $600 million, assuming no redemptions.
Market sentiment on cryptocurrencies has been muted as China, the UK and Japan dominate the region.
Brendan Bloomer, CEO of Block.one, said, “Bullish’s entry into the public markets allows our clients to participate in Bullish by holding a stake in our company, without any regulatory uncertainties or the need to issue profit-sharing tokens. jurisdictional limits.” And the incoming president 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 approval.
Far Peak is a SPAC focused on taking major financial and fintech companies public. Far Peak’s CEO and Chairman Farley, who previously served as chairman of the New York Stock Exchange, will now become Bullish’s CEO.