News and resources on digital currencies, crypto assets and crypto exchanges worldwide.
Crypto exchange Bullish to go public via $9bn Spac

Crypto exchange Bullish to go public via $9bn Spac

Cryptocurrency exchange Bullish is set to go public at a $9 billion valuation through a merger with a special purpose acquisition company (Spac) run by former Nyse president Thomas Farley.

Bullish plans to list on the New York Stock Exchange later this year, via the merger with Far Peak Acquisition Corporation. Farley will take over as CEO.

Bullish was set up earlier this year by Block.one - the blockchain software firm backed by Peter Thiel - to launch a blockchain-based crypto exchange that will offer automated market making, lending, and portfolio management tools to its users.

Bullish will run a private pilot programme to test its platform in the coming weeks ahead of a launch later this year. The exchange will utilise Block.one's EOSIO and the EOS Public Blockchain to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the platform.

The business has already received an initial capital injection by Block.one of $100 million and digital assets comprising of 164,000 BTC and 20 million EOS, and completed a previously announced $300 million strategic investment round.

The combination with Far Peak has a pro forma equity value at signing of approximately $9 billion at $10 per share. The proceeds include net cash in trust of approximately $600 million and $300 million of committed private investment in public equity anchored by EFM Asset Management.

Says Farley: "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."

Comments: (0)