Crypto exchange Bullish aims for $9bn SPAC listing
01:28, 12 July 2021
US cryptocurrency exchange Bullish is aiming for a $9bn listing on the New York Stock Exchange via a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).
Cayman Island headquartered Bullish is looking to launch a cryptocurrency exchange serving institutional investors. The firm, launched in May this year, is an arm of software company Block.one.
Bullish follows Coinbase and Bakkt in the list of digital firms going public. The $9bn valuation is roughly a quarter the value of Coinbase’s $45bn.
Regulatory crackdown
The move comes as regulators globally are taking a close look at cryptocurrencies and digital asset exchanges. Binace has recently been targeted by authorities in the UK, Thailand, Japan and the Cayman Islands. China has also launched a crackdown on Bitcoin mining.
Block.one CEO Brendan Blumer alluded to some of these issues in a statement announcing the SPAC merger.
“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,” he said.
What is your sentiment on BCH/USD?
Close connections
Far Peak is a tech-focused SPAC with close connections to the NYSE. The SPAC’s CEO Thomas Farley was president of the US bourse for 15 years and heads up the tech firm once the merger is complete.
Mid-sized US bank Jefferies is exclusive advisor to Bullish on the transaction.