Bullish, a technology company focused on developing financial services for the digital asset sector, announced its intention to go public through a merger with Far Peak. Acquisition Corporation , a Special Purpose Acquisition Company (SPAC). Bullish Prepares to Launch a Revolutionary, Regulated Cryptocurrency Exchange Offering Deep and Predictable Liquidity, Powered by Technology That Enables Retail and Institutional Investors to Earn Returns on Their Digital Assets
The business combination of Bullish and Far Peak has a pro forma equity value at signing of approximately $9 billion at $10 per share, which will be adjusted at the closing of the transaction based on crypto asset prices at that time. The proceeds include net cash in trust of approximately $600 million (assuming no redemptions) and $300 million of committed Private Investments in Public Equity (PIPE), anchored by EFM Asset Management, with share of funds and accounts managed by BlackRock , Cryptology assets Group and Galaxy Digital and other well-known institutional investors.
The transaction is expected to close in late 2021 and is subject to Far Peak shareholder approval and other customary closing conditions, including regulatory approvals. The Boards of Directors of Bullish and Far Peak have unanimously approved the proposed transaction.
Far Peak is a SPAC team focused on getting finance and fintech companies public. Far Peak ‘s CEO and Chairman , Thomas W. Farley , was Chairman of the New York Stock Exchange, where he brought fifteen years of top-tier trading leadership. Upon completion of the transaction, Far Peak CEO Thomas W. Farley will become the CEO of Bullish and Block.one CEO Brendan Blumer will be named Chairman of Bullish .
Focused on innovative financial services, Bullish seeks to reorganize the traditional stock market to benefit asset holders, enable investors and increase market integrity. As mainstream institutions increasingly embrace digital currencies, Bullish aims to make this asset class more accessible and profitable for investors, while developing the necessary state-of-the-art infrastructure to better suit their needs.
