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Thursday, June 30, 2022

Bullish Plan to Go Public on New York Stock Exchange

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Bullish has decided to go public on the New York Stock Exchange through a merger with Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company (SPAC). Bullish has gained recognition as a technology firm focused on evolving financial services for the digital assets sector.

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The firm is gearing up to begin a novel, controlled cryptocurrency exchange that provides deep, predictable liquidity with technology. It will allow retail and institutional investors to create yield from their digital assets. Bullish is planning to revamp the traditional exchange in order to benefit asset holders, enable traders, and increase market integrity.

Furthermore, the business merger of Bullish and FPAC has a pro forma equity value at the signing of nearly US$9.0 billion at US$10 per share. It is to be adjusted at deal execution based on crypto asset prices around that time. The profit includes net cash of nearly US$600 million and US$300 million of PIPE secured by EFM Asset Management, with participation from funds and accounts. It is handled by BlackRock, Cryptology Asset Group, Galaxy Digital, and several other well-known institutional investors.

Additionally, the deal is anticipated to execute by the end of 2021. It is dependent on the authorization by Far Peak stockholders and other traditional execution conditions, including regulatory authorizations. The Boards of Directors of both Bullish and Far Peak have mutually endorsed the recommended deal.

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