As per a media release, the cryptocurrency company is announcing its intention to go public before the expected launch of Bullish, a blockchain-focused cryptocurrency exchange.
Bullish will provide decentralized finance (DeFi) capabilities, such as portfolio administration, computerized market making, and lending, in addition to crypto exchange functions. The company confirmed that it will list on the New York Stock Exchange through a merger with Far Peak Acquisition (FPAC), a special purpose acquisition company (SPAC) headed by veteran NYSE president Thomas W. Farley.
“At the commencement of the contract, the business combo of Bullish and Far Peak has a preliminary market cap of roughly US$9.0 billion at US$10 per share, which will be modified at deal closure based on crypto asset values at that moment. There is about US$600 million in net cash in trust (considering no redemptions) and US$300 million in pledged private investment in public equity (‘PIPE’)…”
Once the acquisition is done, Farley will reign as the company’s CEO, and Block.one CEO Brendan Blumer will take the position of chairman. The transaction is scheduled to conclude before the end of2021, as per the media release. Bullish is preparing to undertake a private pilot program in the running up to its public debut before the end of 2021, according to the statement.
Bullish is focusing on “technological innovation” in the financial services area, as per Farley. “Bullish reflects the financial services industry’s great future. It is important to build on the current exchange infrastructure in light of the growing demand from institutional entities and skilled traders. Bullish is best equipped to effectively deliver value to its potential shareholders by capitalizing on industry trends and emphasizing technological advancement.”