Bullish will become public through the merger with SPAC

by in Cryptocurrency News

Bullish

Cryptocurrency exchange operator Bullish will go public through a reverse merger with SPAC Far Peak Acquisition. The cost of the combined structure was estimated at $9 billion.

Bullish Global is a subsidiary of Block.One, which is behind the development of the EOS project. In May 2021, the latter invested $ 10 billion in launching a bitcoin exchange. The platform will be launched in 2021.

Far Peak Acquisition is listed on the NYSE. SPAC is owned by former marketplace president Tom Farley. In 2015, under the leadership of the latter, NYSE invested in Coinbase.

Under the terms of the deal, the combined company will get $ 600 million raised by Far Peak in its IPO and $ 300 million in investment commitments at $ 10 per share. It will be backed by BlackRock, Mike Novogratz's Galaxy Digital, and "several other well-known institutional investors."

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The agreement assumes that Farley will take over as CEO of Bullish, and the head of Block.one, Brendan Bloomer, will become chairman of the board of directors of the exchange. The merger is expected to be completed by the end of 2021.

Since Bullish Block.one invested 164,000 BTC and 20M EOS in the exchange at the launch of the Bullish Block.one, after the closing of the transaction, the value of the combined business will be adjusted based on the current market prices for digital assets.

Block.one has previously settled a conflict with investors. The court closed the case on the terms of payment by the defendant of $ 27.5 million.