Bullish, a technology company focused on developing financial services for the digital assets sector, today announced it intends to merge with Far Peak Acquisition. The business combination has a pro forma equity value of approximately $9 billion, the company said. The valuation is subject to change depending on crypto asset prices at the time of closing, if the deal is approved.
Bullish is preparing to release a regulated cryptocurrency exchange that offers predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets.
Far Peak is led by Tom Farley, a former president of the NYSE.
Proceeds include net cash in trust of approximately $600 million (assuming no redemptions) and a $300 million PIPE anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and other institutional investors.
If shareholders approve, the deal is expected to close before the end of the year. Read more.
