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- Bullish declared its desire to merge with Far Peak Acquisition Corporation and go public
- Bullish intends to build a ground-breaking, regulated cryptocurrency exchange that will provide deep, consistent liquidity for investors looking to earn money from their digital assets
- At US$10 per share, the business combination of Bullish and Far Peak has a pro forma equity value of roughly US$9.0 billion at the time of signing
Bullish, a cryptocurrency firm, has declared its intention to go public on the New York Stock Exchange as it prepares to build a cryptocurrency exchange. The Bullish exchange aspires to be a ground-breaking, regulated cryptocurrency exchange that provides deep, dependable liquidity for investors looking to earn money from their digital assets. Bullish is gearing up to launch a ground-breaking, regulated cryptocurrency exchange that will provide deep, reliable liquidity and technology that will allow individual and institutional investors to profit from their digital assets.
Bullish on Listing on the NYSE
Bullish announced its intention to list on the New York Stock Exchange (NYSE) through a combination with Far Peak Acquisition Corporation on Friday (NYSE: FPAC). Far Peak is a corporation that specializes in acquisitions (SPAC). Bullish, which debuted in May, stated: Bullish intends to build a new, regulated cryptocurrency exchange that will provide deep, reliable liquidity for investors seeking to produce yield from their digital assets. Bullish (GI) Ltd. operates the Bullish exchange, and Jefferies LLC serves as its exclusive financial advisor and capital markets advisor. Far Peak CEO Thomas W. Farley, a former NYSE president, will join Bullish and Block as CEO. Brendan Blumer, the company’s CEO, will be named chairman.
The business combination of Bullish and Far Peak has a pro forma equity value of approximately US$9.0 billion at US$10 per share at the time of signing, which will be amended at transaction completion based on crypto asset values at the time. The proceeds include approximately US$600 million in net cash in trust (assuming no redemptions) and US$300 million in committed private investment in public equity (PIPE) led by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital, and several other well-known institutional investors.
The transaction is scheduled to close by the end of 2021, subject to Far Peak stockholder approval and other normal closing conditions, such as regulatory approvals. The proposed transaction has been unanimously authorized by the boards of directors of both Bullish and Far Peak.
Bullish and Far Peak have formed a partnership
Far Peak is a SPAC team dedicated to taking top financial and fintech startups public. Thomas W. Farley, Far Peak CEO and Chairman, previously served as President of the New York Stock Exchange, bringing 15 years of world-class exchange leadership to the company. After the purchase is completed, Far Peak CEO Thomas W. Farley will become CEO of Bullish and Block. Brendan Blumer, a former CEO, will be named Chairman of Bullish.
Bullish is a financial technology company focused on rewiring the traditional exchange to benefit asset holders, facilitate traders, and improve market integrity. Bullish intends to make digital currencies more accessible and lucrative for investors while constructing the next-generation infrastructure required to better meet their demands when mainstream institutions accept them.
Block’s CEO, Brendan Blumer. Bullish real-time portfolio balancing tools, deep dependable liquidity, and industry-leading security and compliance, according to one, represent a new breed of exchange design and have the potential to transform how investors trade and manage digital assets. He’s thrilled to be working with Far Peak to bring Bullish to the public markets and provide our consumers the chance to own a piece of the company.
Bullish upcoming programs with a positive outlook
The bullish exchange will operate a private trial program in the next few weeks, leading up to its official launch later in 2021. Participants in the pilot program will have the opportunity to test and experience the platform in a simulated market environment, including the Bullish Hybrid Order Book and Liquidity Pools, which are designed to provide deep and deterministic liquidity, as well as a user-friendly trading experience underpinned by industry-grade security.
According to Thomas W. Farley, Chairman, and CEO of Far Peak, bullish represents a promising future for financial services. It is vital to iterate on the existing exchange infrastructures we have today, given the rising demand from institutional participants and expert traders. Bullish is ideally positioned to strategically offer value to its potential shareholders by capitalizing on market trends and emphasizing technological innovation. They are still in the first or second inning of the cryptocurrency market, and he is happy to be joining the Bullish team as we use cutting-edge financial technologies to alter the future of digital assets.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
