In May, Bullish Global formed as a subsidiary of Block.one. Operating as an independent entity under the Block.one umbrella, Bullish Global was capitalized with over $10 billion in cash and digital assets, including $100 million, 164,000 BTC, and 20,000,000 EOS from Block.one. Bullish Global planned to focus on Bullish, a new cryptocurrency exchange with unique qualities. Now, Bullish is merging with a special purpose acquisition company called Far Peak Acquisition Corporation with plans to go public on the New York Stock Exchange.
Block.one CEO Brendan Blumer told Reuters:
"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."
Specifics of the Deal
"The business combination of Bullish and Far Peak has a pro forma equity value at signing of approximately US$9.0 billion at US$10 per share, to be adjusted at transaction closing based on crypto asset prices around that time," according to the press release. "The proceeds include net cash in trust of approximately US$600 million (assuming no redemptions) and US$300 million of committed private investment in public equity ("PIPE") anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and several other renowned institutional investors."
Regulatory compliance appears to be built into every step of this deal. Assuming approval by Far Peak stockholders, and assuming that other customary closing conditions are met, this deal is expected to close by the end of 2021.
Bullish promises a revolutionary, regulated cryptocurrency exchange. This exchange will feature proprietary innovations like real-time portfolio balancing tools and the Bullish Hybrid Order Book, as well as Liquidity Pools for deep, predictable liquidity. It will also feature industry-grade security, compliance, and auditability. A private pilot program will allow participants to test these features out within a simulated market environment before the marketplace goes live.
This is a next generation exchange for next generation digital assets management. It's designed to empower investors and traders alike. And its leadership team is beyond impressive. It's world class. Far Peak CEO and Chairman Thomas W. Farley is a former President of the New York Stock Exchange. Once this deal is done, he'll become the CEO of Bullish, while Block.one CEO Brendan Blumer will be appointed Chairman of the enterprise.
A New Era in Crypto
It's safe to say that this deal between Bullish and Far Peak is ushering in a new era in crypto. The New York Stock Exchange listing is major. So is the exchange tech Bullish plans to roll out. Its deep pools of deterministic liquidity and strong focus on compliance appear likely to attract serious mainstream investors. And every part of what Bullish is doing seems designed to bolster market integrity.
EOSIO and the EOS public blockchain play an important part in all of this. The exchange itself will be built on EOSIO technology. The EOS blockchain will be used by Bullish to store immutable, auditable exchange records. Overall, it looks like Bullish intends to combine the best elements of centralized exchanges and DeFi into a totally new kind of operation. As this happens, it will bring crypto much further into the mainstream.
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