Former NYSE President Tom Farley’s Far Peak Acquisition to merge with Bullish.
- Crypto startup Bullish deal that was announced on Friday is expected to close by the end of 2021.
- Tom Farley, the former NYSE President will take over as CEO of Bullish.
- Farley says 'the smartest engineering talent is going into digital assets.'
Far Peak Acquisition Corp Class A (NYSE: FPAC) will bring crypto exchange Bullish public as part of a SPAC deal. When the deal concludes, Thomas Farley, the former NYSE President will take over as CEO of Bullish. The combination has a pro forma equity value of around $9 billion at $10 per share, although this could be subject to change based on any volatility in the cryptocurrency market.
Future is bright for digital assets
After news of the deal was made official, Farley, in an interview on CNBC’s “Squawk Box,” said:
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
This is a big idea whose time has come. Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems. Anybody who tells you they know exactly how it’s going to turn out is lying or delusional, but in general, you’re going to see more and more interesting use cases, more and more dollars go into the space.
Investments pour in from various quarters for Bullish
In proceeds from Far Peak, Bullish is expected to receive about $600 million, while a sum of $300 million will come from a PIPE or private investment in public equity. BlackRock, the world’s largest asset manager, and Mike Novogratz’s crypto-focused financial services firm Galaxy Digital are the other PIPE investors.
Bullish aims to launch a revolutionary, regulated cryptocurrency exchange
Bullish is determined to launch “a revolutionary, regulated cryptocurrency exchange” this year, and a private pilot program beginning in the coming weeks, a press release read. “The exchange will offer “deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets,” added the release.
The acceptance of bitcoin and other cryptocurrencies has been in the news for many months. Corporate giants like Tesla and Square have invested in bitcoin. Cryptocurrencies and bitcoin are powered by decentralized digital ledgers known as blockchains.