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

The deal is expected to be completed by the end of 2021.

AccessTimeIconJul 9, 2021 at 1:00 p.m. UTC
Updated May 9, 2023 at 3:21 a.m. UTC

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.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.