Bullish Global — the operator of the Bullish cryptocurrency exchange — will become a public company via a reverse merger with SPAC Far Peak Acquisition. The value of the combined entity was estimated at about $9 billion.
1/ Bullish announces intent to go public on @NYSE via a merger with Far Peak Acquisition Corporation $FPAC.
— Bullish (@Bullish) July 9, 2021
Bullish Global — the subsidiary of Block.One, the company behind the EOS project. In May 2021 the latter invested $10 billion in launching the bitcoin exchange. The platform is slated to launch in 2021.
Shares of Far Peak Acquisition trade on the New York Stock Exchange (NYSE). The SPAC is owned by former exchange president Tom Farley. In 2015, under his leadership, NYSE invested in Coinbase.
Under the terms of the deal, the combined company will receive $600 million, which Far Peak raised in its IPO, and $300 million in investment commitments at a price of $10 per share. It will be supported by BlackRock, Galaxy Digital led by Mike Novogratz, and “a number of other well-known institutional investors”.
The agreement provides that Farley will assume the post of Chief Executive Officer of Bullish, and Block.One’s head Brendan Blumer will become chairman of the exchange’s board. The merger is expected to close by the end of 2021.
Because Block.One invested 164,000 BTC and 20 million EOS in launching Bullish, after closing the deal the value of the combined business will be adjusted based on current market prices of the digital assets.
“The public listing of Bullish will enable our clients to participate in the platform’s development by owning a portion of the company, without regulatory uncertainty or legal restrictions tied to the issuance of a profit-sharing token,” Blumer told Reuters.
Earlier Block.One settled a dispute with investors. The court closed the case on terms that the defendant pay $27.5 million.
In July, Circle announced that will go public via a merger with SPAC Concord Acquisition Corp. The value of the cryptocurrency company prior to signing the deal was estimated at $4.5 billion.
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