SB Northstar, an investment arm of Tokyo-based SoftBank, has agreed to invest $75 million in Block.one’s new subsidiary crypto exchange, Bullish.
According to a filing with the U.S. Securities and Exchange Commission, SoftBank will purchase 7.5 million shares for $10 each at the time of Bullish's upcoming special purpose acquisition (SPAC) deal. Bullish has been valued at $9 billion.
Bullish, which is backed by billionaire investor Peter Thiel and crypto investment firms like Galaxy Digital, is on track to go public by the end of 2021 via a SPAC merger with Thomas Farley's Far Peak Acquisition Corp . Farley, a former president of the New York Stock Exchange, will become Bullish’s CEO. Block.one CEO Brendan Blumer will serve as chairman.
Some in the crypto sphere have raised eyebrows at the newly launched Bullish’s plans to go public, suggesting that it is part of an effort to raise the value of the Block.one-associated EOS blockchain. Others, including billionaire crypto investor Sam Bankman-Fried, suggest Bullish’s real aim is to be a MicroStrategy-esque stock proxy for crypto. MicroStrategy is a business software company that has invested heavily into bitcoin.
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 offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.