Cryptocurrency company Bullish, recently, announced it intends to go public on the New York Stock Exchange through a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (“SPAC”).
Bullish is a unit of blockchain software company Block.one. The business combination of Bullish and Far Peak has a pro forma equity value at signing of approx $9.0 billion at $10 per share. The deal is scheduled to be completed by the end of 2021.
The merger will result in proceeds that include net cash in trust of approx $600M (assuming no redemptions) and $300M of committed PIPE anchored by EFM Asset Management. Participants include BlackRock, Cryptology Asset Group and Galaxy Digital.
Bullish said that it seeks to rewire the traditional exchange in order to benefit asset holders, enable traders, and increase market integrity. Since mainstream institutions increasingly embrace digital currencies, the company aims to make this asset class more accessible and rewarding to investors while developing the next-generation infrastructure needed to better suit their requirements.
Brendan Blumer,
CEO of Block.one, said, "We believe Bullish’s real-time portfolio balancing tools, deep predictable liquidity, and industry-leading security and compliance represent a new breed of exchange design and can redefine how investors trade and manage digital assets,"
Source: Bullish
Bullish said that soon the exchange will run a private pilot program leading up to its public launch. This program will allow participants to test and experience the platform first-hand within a simulated market environment. Users wiil be able to test Bullish exchange’s proprietary innovations, including the Bullish Hybrid Order Book and Liquidity Pools which are designed to provide deep and deterministic liquidity.
Well, in the past year, Bullish received an initial capital injection by Block.one of $100M and digital assets comprising of 164,000 BTC and 20M EOS. The company successfully completed a previously announced $300M strategic investment round.
The exchange is backed by a roster of prolific investors and leading names in the venture capital space such as Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and global investment bank Nomura.