- Crypto firm Bullish valued around $9 billion…
- Former NYSE President talks up future of crypto…
A former Wall Street bigwig is jumping into the world of cryptocurrencies.
Crypto firm Bullish announced its intent to go public today through a merger with (NYSE: FPAC).
Bullish describes itself as “a technology company focused on developing financial services for the digital assets sector.”
The company is notably backed by several billionaires including Peter Thiel, Louis Bacon, and Alan Howard.
The company says it has plans “to launch a revolutionary, regulated cryptocurrency exchange that offers deep, predictable liquidity for investors to generate yield from their digital assets.”
The SPAC merger is expected to close by the end of this year and values the company at $9 billion.
Bullish said it will receive around $600 million in cash from Far Peak and $300 million through a PIPE (private investment in public equity).
That PIPE is “anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group and Galaxy Digital.
The stock is expected to begin trade at $10 per share but that price will be adjusted when the transaction closes based on crypto prices at the time.
How is the Former NYSE President Involved?
Far Peak‘s CEO is Tom Farley, who served as the President of the New York Stock Exchange from 2014 to 2018.
FPAC went public in a $550 million IPO in December 2020 with the goal of merging with a “business in the financial technology, technology or financial services industries.”
After the merger with Bullish closes, Farley will take over as CEO of the company.
In an interview today, he told CNBC, “Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems. Anybody who tells you they know exactly how it’s going to turn out is lying or delusional, but in general, you’re going to see more and more interesting use cases, more and more dollars go into the space.”
This is the second big crypto SPAC deal announced in as many days after trading platform Circle announced its own public merger deal on Thursday.
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