Bullish, which is preparing to launch a cryptocurrency exchange, has agreed to go public through a merger with special purpose acquisition company Far Peak Acquisition Corp.
A transaction will value the combined company at about $9 billion, which could be adjusted based on crypto asset prices at the close of the merger, according to a statement from Bullish.
The deal includes a $300 million private investment in public entity, or PIPE, anchored by EFM Asset Management. Other investors include funds and accounts managed by BlackRock Inc., Cryptology Asset Group and Galaxy Digital.
The announcement confirmed an earlier Bloomberg News report that Bullish was in talks for a merger with Far Peak.
Bullish was launched in May by Block.One, a blockchain software company backed by Peter Thiel and hedge fund managers Alan Howard and Louis Bacon. It also counts Hong Kong tycoon Richard Li and German entrepreneur Christian Angermayer among its investors.
The merger will provide $600 million in net cash, according to the statement. Upon completion of the transaction, Far Peak Chief Executive Officer Thomas W. Farley, a longtime president of the New York Stock Exchange, will become the CEO of Bullish. Brendan Blumer, the CEO of Block.One, will become chairman of the combined firm.
The deal is expected to close by the end of the year and is subject to approval by Far Peak stockholders and regulators.
Bullish will run a private pilot program in the coming weeks leading up to its public launch, which is anticipated later this year, according to the statement.
“With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today,” Farley said in the statement.
