Bullish to Go Public with $9 Billion SPAC Merger

Key Takeaways

• Bullish plans to list on the New York Stock Exchange through a business merger with Far Peak Acquisition.
• The merger values the exchange at $9 billion. It’s expected to take place by the end of 2021.
• Block.one has raised $300 in PIPE financing on top of previous capital raise for the SPAC deal.

Bullish plans to go public through a SPAC merger, its parent company Block.one confirmed today.

Bullish To Be Publicly Listed

Peter Theil-backed crypto exchange Bullish plans to be listed on the New York Stock Exchange (NYSE) through a business merger with Far Peak Acquisition, a special purpose acquisition company.

The merger deal makes Bullish the second crypto exchange after Coinbase to be listed on an American exchange.

After regulatory approvals are granted, the final transaction is expected to take place before the end of 2021. The merged company is valued at $9 billion, 25% of Coinbase’s $45 billion valuation, without having a usable product.

Developed by blockchain firm Block.one, Bullish hopes to launch a non-custodial crypto exchange that combines a traditional order book-based exchange with DeFi.

According to Block.one, Bullish will let retail and institutional users trade and earn yield on their crypto assets. The launch is highly anticipated given the scale of capital invested in the project.

Unlike most blockchain-based exchanges, the exchange touts itself as high performance as it settles transactions on EOS, a centralized blockchain with only 21 block producers.

The firm is backed by Peter Thiel, a renowned venture capitalist and co-founder of PayPal, Palantir Technologies, and Founders Fund.

For the SPAC deal, Bullish revealed it had raised $300 million in PIPE financing in a round led by EFM Asset Management, with participation from investors managed by BlackRock, Cryptology Asset Group, and Galaxy Digital.

The latest PIPE funding follows a previous investment round closed a few months ago. In May, Bullish raised $300 million from Thiel Capital and Founders Fund, Galaxy Digital, and Nomura.

Block.one, its parent entity and the creator of the EOS blockchain, also allocated an initial capital of $100 million in cash and cryptocurrencies, comprising 164,000 BTC and 20 million EOS valued at roughly $5.5 billion at current prices.

Bullish hopes to launch the exchange before the SPAC merger takes place.  In the coming weeks, the exchange is arranging a private pilot program that will let users test its order book and liquidity pools.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article