Bullish to go public in USD 9 bln SPAC deal

Wednesday 14 July 2021 11:17 CET | News

Crypto exchange Bullish has announced it will merge with SPAC Far Peak Acquisition Corporation and list on the NYSE by the end of 2021.

Bullish was set up as a subsidiary of blockchain software company and is planning to run a private pilot program in the before its public launch. It will use’s EOS blockchain to automate crypto trading services like portfolio management tools for institutional and retail investors.

Bullish expects to receive around USD 600 million in proceeds from Far Peak, plus another USD 300 million through a PIPE, or private investment in public equity, as stated in CNBC. Moreover, the merger between Far Peak and Bullish implies a pro forma equity value of roughly USD 9 billion.

According to eMarketer, SPACs tend to be a faster route to going public than IPOs, which works well for crypto exchanges like Bullish still hoping to cash in on cryptos’ popularity. Other crypto firms that have already announced SPACs include Bakkt and Circle.

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Keywords: cryptocurrency exchange, SPAC, blockchain, trading platform
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies