Bullish, a yet-to-be launched crypto exchange backed by luminaries including Peter Thiel, Alan Howard, and Mike Novogratz announced plans today to go public via a $9 billion merger with special purpose acquisition company (SPAC) Far Peak Acquisition Corporation. Other backers include Founders Fund, Louis Bacon, Richard Li, Christian Angermayer, and global investment bank Nomura.
Far Peak is headed up by former president of the New York Stock Exchange, Thomas W. Farley, who will become the CEO of Bullish post-merger. Brendan Blumer, CEO of Block.one, will become Bullish chairman upon the closure of the deal. The new company is projected to have a $9 billion equity value at $10 per share, subject to change depending on the price of crypto assets at the time of closing.
Bullish launched to great fanfare and curiosity back in May, when it came out of the woodwork with $10 billion worth of cash and digital assets from Block.one, among other investors. The company still does not have a working product, and with the digital asset exchange space maturing, will be entering into a much more crowded market.
Additionally, in 2019 Brendan Blumer and Block.one were fined $24 million by the SEC for running an unregistered ICO that raised over $4 billion.
That said, Farley is excited about the opportunity. In a press release he said “Bullish represents a promising future for financial services…With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today.”
With today’s announcement Bullish is joining a collection of crypto firms which have gone public via SPAC. This week USDC stablecoin developer Circle announced plans to go public via a merger with Concord Acquisition Corp. at a $4.5 billion valuation. Additionally, trading platform eToro plans to go public through a merger with FinTech Acquisition Corp. at a $10.4 billion valuation.