Cryptocurrency firm Bullish Global announced Friday the plans to go public on the New York Stock Exchange via a reverse merger with special purpose acquisition company Far Peak Acquisition. The newly-formed company is reported to have a pro forma equity value of approximately US$9.0 billion.
Bullish Global is a blockchain-based cryptocurrency exchange backed by PayPal co-founder Peter Thiel and hedge fund managers Louis Bacon and Alan Howard. The company, a unit of blockchain software company Block.one, plans to launch its regulated crypto exchange later this year. The subsidiary itself was founded just two months ago on May 11.
Far Peak Acquisition is a blank check company led by CEO Thomas Farley. Farley served as the president of the New York Stock Exchange from 2014 to 2018. Following the reverse merger, he would take the CEO position at Bullish.
With the SPAC deal valued at US$9.0 billion, Bullish is expected to receive around US$600 million in proceeds. The company is also slated to receive another US$300 million through a private investment in public equity that will see participation from BlackRock and Galaxy Digital among others.
The merger transaction is expected to close end of this year.
Information for this briefing was found via Yahoo Finance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.