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NOVEMBER 03, NEW YORK, NY: Founders Fund Partner On November 3, 2015 in New York City, Peter Thiel takes part in a panel discussion… [+] at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art. (New York Times photo by Neilson Barnard/Getty Images)
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Bullish, a yet-to-be-launched crypto exchange backed by luminaries such as Peter Thiel, Alan Howard, and Mike Novogratz, revealed plans to go public today through a $9 billion merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC). Founders Fund, Louis Bacon, Richard Li, Christian Angermayer, and Nomura, a worldwide investment firm, are among the other backers. Thomas W. Farley, the former president of the New York Stock Exchange, will become the CEO of Bullish following the merger. Following the closing of the deal, Brendan Blumer, the CEO of Block.one, will become the chairman of Bullish. At $10 per share, the new business is expected to have a $9 billion equity value, which could alter based on the price of crypto assets at the time of completion.
Bullish debuted to much acclaim and intrigue in May, when it emerged from the shadows with $10 billion in cash and digital assets from Block.one and other investors. The company still lacks a viable product, and when the digital asset exchange market matures, it will enter a much more crowded market.
Brendan Blumer and Block.one were also fined $24 million by the Securities and Exchange Commission in 2019 for running an unlicensed ICO that garnered over $4 billion.
Farley, on the other hand, is ecstatic about the prospect. “Bullish represents a potential future for financial services,” he said in a statement. “With rising interest from institutional players and expert traders, it is vital to iterate on the existing exchange infrastructures we see today,” he added.
With today’s announcement, Bullish joins a growing list of cryptocurrency companies that have gone public via SPAC. Circle, the developer of the USDC stablecoin, revealed plans to go public this week through a merger with Concord Acquisition Corp. at a $4.5 billion valuation. eToro, a trading platform, is also planning to go public through a merger with FinTech Acquisition Corp., with a valuation of $10.4 billion.
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