Home Lifestyle Thiel-Backed Crypto Firm Will Go Public in Bullish $9B SPAC Deal

Thiel-Backed Crypto Firm Will Go Public in Bullish $9B SPAC Deal

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.

Advertisement




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.

Thomas Farley standing on the podium
Thomas Farley, who previously served as the chairman of the New York Stock Exchange, will become the CEO of Bullish, after the cryptocurrency company went public through Farley’s merger with SPAC.
Getty Images

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.

.

Advertisement




RELATED ARTICLES

Mississippi and Louisiana have some of the worst vaccine rates and the highest hospitalizations in the US

Medical workers with Delta Health Center wait to vaccinate people at a pop-up COVID-19 vaccination clinic in this rural Delta community on April 27,...

Cryptocurrencies could be a tool for building personal wealth in the long run

A visual representation of digital currencies.Yuriko Nakao | Getty ImagesEven though it is a highly volatile asset, cryptocurrency can help investors build wealth,...

Kadarius Tony to come out of Giants’ COVID-19 list

Kadarius Tony will be activated from the reserve/covid list on Tuesday, the same day the entire Giants squad was informed about the start of...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Mississippi and Louisiana have some of the worst vaccine rates and the highest hospitalizations in the US

Medical workers with Delta Health Center wait to vaccinate people at a pop-up COVID-19 vaccination clinic in this rural Delta community on April 27,...

Cryptocurrencies could be a tool for building personal wealth in the long run

A visual representation of digital currencies.Yuriko Nakao | Getty ImagesEven though it is a highly volatile asset, cryptocurrency can help investors build wealth,...

Kadarius Tony to come out of Giants’ COVID-19 list

Kadarius Tony will be activated from the reserve/covid list on Tuesday, the same day the entire Giants squad was informed about the start of...

Mom-to-be Paris Hilton shows off her ‘cooking’ skills

He's hot - literally! Socialite Paris Hilton is learning to be homely in preparation for her new role as "Mom." Netflix released the trailer...

Recent Comments