A recently formed cryptocurrency company with $10 billion in capitalization is gearing up to go public.
Bullish Global, a subsidiary of blockchain software company Block.one, launched in May with $10 billion in funding from high-profile investors that include billionaire Peter Thiel’s Thiel Capital and Founders Fund, hedge fund manager Alan Howard, and crypto investment firm Galaxy Digital.
According to a new press release, the cryptocurrency firm is unveiling its plan to go public ahead of the anticipated rollout of its blockchain-based cryptocurrency exchange, Bullish.
Bullish will come with decentralized finance (DeFi) functionalities on top of crypto exchange features, including tools for portfolio management, automated market making, and lending.
The firm says it is going public on the New York Stock Exchange through a merger deal with Far Peak Acquisition (FPAC), a special purpose acquisition company (SPAC) led by former NYSE president Thomas W. Farley.
“The business combination of Bullish and Far Peak has a pro forma equity value at signing of approximately US$9.0 billion at US$10 per share, to be adjusted at transaction closing based on crypto asset prices around that time. Proceeds include net cash in trust of approximately US$600 million (assuming no redemptions) and US$300 million of committed private investment in public equity (‘PIPE’)…”
Farley will become the chief executive of Bullish, and Block.one CEO Brendan Blumer will serve as chairman of the company once the deal is completed. According to the press release, the transaction is expected to close by the end of the year.
The announcement comes as Bullish prepares to run a private pilot test program in the weeks leading up to its public launch before the end of 2021.
According to Farley, Bullish is focused on “technological innovation” within the financial services space.
“Bullish represents a promising future for financial services. With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today. Bullish is well positioned to strategically deliver value to its prospective shareholders as it capitalizes on market trends and places technological innovation at the core of its identity.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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