Bullish to Go Public and Launch New Crypto Platform
A U.S. financial technology company that plans to launch a regulatory cryptocurrency exchange has a …
A U.S. financial technology company that plans to launch a regulatory cryptocurrency exchange has agreed to a merger with Far Peak Acquisition Corp, after which it will go public.
Bullish received advice from Kirkland & Ellis on the transaction, Morgan, Lewis & Bockius acting for Far Peak, and Paul, Weiss, Rifkind, Wharton & Garrison advising the independent directors of Far Peak.
Far Peak Acquisition Corp, a company listed on the New York Stock Exchange (NYSE), has agreed to merge with Bullish, a transaction with a pro forma net worth of around $ 9 billion.
The proceeds of the transaction include approximately $ 600 million in net cash in trust, as well as a committed private investment in public equities (PIPE) of $ 300 million.
EFM Asset Management anchored PIPE, which saw the participation of funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and various other institutional investors. Latham & Watkins represented the placement officers on PIPE.
The transaction is expected to close by the end of this year, subject to Far Peak shareholder approval and customary closing conditions being met.
Far Peak’s goal is to give financial and fintech companies public status. Its chairman and CEO Thomas Farley was previously the chairman of the NYSE, and after the transaction closes, Farley will be the CEO of Bullish.
Bullish’s new chairman will be Brendan Blumer, CEO of software company Block.One, which has given Bullish an initial investment of $ 100 million over the past year.
In a statement, Blumer said, “We believe Bullish’s real-time portfolio balancing tools, predictable liquidity and industry-leading security and compliance represent a new generation of trading design and can redefining the way investors trade and manage digital assets, ”adding Bullish’s public status will provide clients with the ability to own a stake in the company.
Bullish is in the early stages of preparing to launch a new cryptocurrency platform. Bullish will release a pilot program ahead of its official launch, which is expected to take place later this year.
“The uptrend represents a bright future for financial services,” said Farley, adding, “With increased interest from institutional players and sophisticated traders, it is critical to iterate over the existing trading infrastructures that we see. today “.
He continued, “Bullish is well positioned to strategically deliver value to its potential shareholders, as it capitalizes on market trends and places technological innovation at the heart of its identity.
U.S. digital payment company Payoneer went public on the NASDAQ stock exchange after a merger with special-purpose acquisition vehicle FTAC Olympus Acquisition Corporation last month.