Bullish announced that it has reached an agreement to list its securities on the New York Stock Exchange through a merger with dedicated mergers and acquisitions (SPAC) Far Peak Acquisition.
Bullish was announced in May by Block.One, the company behind the development of the EOS cryptocurrency. By the end of the year, she intends to launch her own crypto exchange. Bullish received the backing of PayPal co-founder Peter Thiel, British fund manager Alan Howard, Asian billionaire Richard Lee, Galaxy Digital Mike Novogratz and Japanese bank Nomura.
The new entity is expected to be valued at around $9 billion, as Crypto-Auditor is aware. The value will be adjusted by the close of the deal based on crypto asset prices, Bullish said. By comparison, the current capitalization of the Coinbase exchange, which entered the stock market in April, is $ 52 billion. The merger should be completed by the end of 2021 after approval by Far Peak shareholders and regulators.
“Bullish’s entry into the stock market will allow our clients to become part of the company by purchasing its shares without the regulatory ambiguities or jurisdictional restrictions inherent in profit-sharing tokens,” said Block.One CEO Brendan Blamer.