Crypto startup Bullish has announced plans to list on the New York Stock Exchange as it prepares to launch a cryptocurrency exchange. Bullish Exchange aims to be “a revolutionary, regulated cryptocurrency exchange that provides investors with deep and predictable liquidity to generate income from their digital assets.”
Optimistic about listing on the NYSE
Bullish announced on Friday that it plans to go public on the New York Stock Exchange (NYSE) through a merger with Far Peak Acquisition Corporation (NYSE: FPAC). Far Peak is a special purpose acquisition company (SPAC). Details of Bullish, which debuted in May:
Bullish plans to launch a revolutionary, regulated cryptocurrency exchange that will provide investors with deep and predictable liquidity to generate income from their digital assets.
Bullish Exchange is operated by Bullish (GI) Ltd., with Jefferies LLC acting as its exclusive financial advisor and capital market advisor. Far Peak CEO Thomas W. Farley, former New York Stock Exchange president, will become Bullish’s CEO, and Block.one CEO Brendan Blumer will be appointed chairman.
According to the announcement, the estimated equity value of the combined business of Bullish and Far Peak at the time of signing was approximately US$9 billion, or US$10 per share.
The boards of directors of the two companies have approved the proposed transaction, which is expected to be completed by the end of this year. However, it still needs Far Peak shareholder approval and other customary closing conditions, including regulatory approval.
The announcement added:
In the next few weeks, the Bullish Exchange will run a private pilot program, which is expected to be publicly announced later in 2021.
Bullish has received support from well-known venture capitalists and investors, including Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and global investment bank Nomura Securities.
Farley commented: “As the interest of institutional participants and experienced traders increases, it is crucial to iterate the existing exchange infrastructure we see today,” detailed:
We are only in the first or second round of the cryptocurrency market. I am very happy to join the Bullish team because we have completely changed the future of digital assets through cutting-edge financial technology.
What do you think of the Bullish cryptocurrency exchange listing? Let us know in the comments section below.
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