Bullish Set for Public Listing Through $9B Merger With Ex-NYSE President’s SPAC

Crypto exchange Bullish is set for a public listing through a merger with the special purpose acquisition company Far Peak Acquisition, led by former New York Stock Exchange President Thomas Farley. He will become CEO of Bullish.

• The deal is expected to be completed by the end of 2021 and will see Bullish list on the NYSE, Bullish said Friday.
• At $10 a share, the merged company has a pro forma equity value of $9 billion, subject to the value of crypto assets when the deal closes.
• Talks for a SPAC merger were reported in June with some suggestions that the deal could value Bullish at $12 billion.
• Bullish is backed by a number of prominent investors including PayPal co-founder Peter Thiel and digital asset manager Galaxy Digital.
• The crypto exchange was unveiled in May as a subsidiary of Block.one and capitalized with more than $10 billion in cash and digital assets, including 164,000 BTC.
• SPAC mergers are a common way for crypto companies to go public, with exchanges like eToro and lending fintech SoFi following this route.