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.

By Jamie Crawley

Jul 9, 2021 at 1:00 p.m. UTC

Updated Sep 14, 2021 at 1:23 p.m. UTC

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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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