A United States fintech company with plans to launch a regulatory cryptocurrency exchange platform, has a…
A United States fintech company with plans to launch a regulatory cryptocurrency exchange platform, has agreed to a merger with Far Peak Acquisition Corp, after which it will gain a public listing.
Bullish received advice from Kirkland & Ellis on the transaction, with Morgan, Lewis & Bockius acting for Far Peak, and Paul, Weiss, Rifkind, Wharton & Garrison advising Far Peak’s independent directors.
Far Peak Acquisition Corp, a New York Stock Exchange (NYSE)-listed company, has agreed to merge with Bullish, a transaction with a pro forma equity value of approximately USD 9 billion.
The proceeds gained from the transaction include around USD 600 million net cash in trust, as well as a committed private investment in public equity (PIPE) of USD 300 million.
EFM Asset Management anchored the PIPE, which saw participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and various other institutional investors. Latham & Watkins acted for the placement agents on the PIPE.
It is expected that the transaction will close by the end of this year, subject to receiving approval from Far Peak’s stockholders, and meeting customary closing conditions.
Far Peak’s focus is to give financial and fintech companies public status. Its chair and CEO Thomas Farley was previously the NYSE’s president, and after the transaction’s completion, Farley will be the CEO of Bullish.
Bullish’s new chair will be Brendan Blumer, the CEO of software company Block.One, which gave Bullish an initial capital investment of USD 100 million within the past year.
In a statement, Blumer said: “We believe Bullish’s real-time portfolio balancing tools, deep predictable liquidity, and industry-leading security and compliance represent a new breed of exchange design and can redefine how investors trade and manage digital assets”, adding that Bullish’s public status will offer customers the opportunity to own a stake in the company.
Bullish is in the initial stages of preparing to launch a new cryptocurrency platform. Bullish will be releasing a pilot programme in the lead up to its official launch which is anticipated to take place later this year.
“Bullish represents a promising future for financial services,” said Farley, adding: “With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today.”
He continued: “Bullish is well positioned to strategically deliver value to its prospective shareholders as it capitalises on market trends and places technological innovation at the core of its identity.”
United States digital payments company Payoneer went public on the NASDAQ Stock Exchange after a merger with special purpose acquisition vehicle FTAC Olympus Acquisition Corporation last month.