Peter Thiel-Backed Exchange Bullish Is in Talks to Go Public in SPAC Merger: Report

The news comes just a month after the announcement of Bullish's launch.

AccessTimeIconJun 23, 2021 at 10:16 p.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC
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The crypto exchange Bullish is in talks to go public via a SPAC merger with fintech-focused acquisition company Far Peak Acquisition Corp, according to a report from Bloomberg citing people familiar with the matter.

Bullish is backed by billionaire investor Peter Thiel, as well as Galaxy Digital and Tokyo-based Nomura Holdings.

Bloomberg reports the deal could value Bullish at up to $12 billion, though the final valuation will largely depend on the price of bitcoin at the time of the deal.

SPAC mergers are becoming an increasingly common way for crypto companies to go public, with exchanges like eToro and lending fintech SoFi merging with special-purpose acquisition companies to go public.

Bullish was announced just last month as a subsidiary of Block.one and was capitalized with over $10 billion in cash and digital assets, including 164,000 bitcoins.

Block.one's bitcoin comes from raising $4 billion in a record-setting initial coin offering that closed in 2018.

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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.


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