Business

Peter Thiel-backed crypto firm Bullish to go public in $9B SPAC deal

19:56, 12 July 2021
 Peter Thiel-backed crypto firm Bullish to go public in $9B SPAC deal Photo: Jaap Arriens/ZUMAPRESS.com

Peter Thiel-backed crypto firm Bullish to go public in $9B SPAC deal


The Cryptocurrency company Bullish announced that it will go public through a merger with Far Peak Acquisition, led by the previous New York Stock Exchange president Thomas Farley.

Bullish, which is a unit of a larger blockchain software company Block.one plans on launching a regulated crypto exchange as soon as this year.

Bullish is backed by many notable personas among them Peter Thiel, one of the co-founders of PayPal, as well as Alan Howard, a British hedge fund manager, Richard Li a Honk Kong billionaire, and many others.

The combined Bullis and Far Peak company will have a total estimated value of approximately $9 billion US dollars.

However, the pro forma equity value is yet to be adjusted at the closing transaction based on crypto asset prices around that time.

Brendan Blumer, the chief executive of Block.one and the future chairman of Bullish in an email to Reuters said:

“Bullish’s entry into the public markets allows our customers to take part in Bullish by holding a piece of our company, without any of the regulatory uncertainties or jurisdictional limitations of a profit-sharing token issuance.”