Updated 16 Jul, 2021

Crypto Group Bullish Global Plans to Become Public

Crypto Group Bullish Global Plans to Become Public

Key Takeaways:

  • Bullish, a crypto start-up, is in preparations to go public through a Spac deal
  • The company will be merged with Far Peak Acquisition Corp led by Ex-NYSE President Tom Farley

Bullish Global to Merge with Far Peak Acquisition

The cryptocurrency-focused group Bullish Global is considering to become a publicly-traded company by listing on the New York Stock Exchange (NYSE). The group is officially backed by several high-profile figures in finance and tech, including Peter Thiel, Louis Bacon and Alan Howard.

Bullish Global’s step toward the broad equity market is another strong sign that the cryptocurrency industry is merging with the realm of publicly traded companies. The junction is set to happen through a Spac deal valued at around $9bn. The digital asset group is expected to merge with Far Peak Acquisition Corp, a blank check company led by Tom Farley, former NYSE President.

The crypto-start up Bullish is also endorsed by Richard Li, a Hong Kong businessman. As well as support from Christian Angermayer, a German financier, and Michael Novogratz of Galaxy Digital. In addition, the Japanese investment bank Nomura is also an early backer of the company.

The main goal of Bullish Global is to launch “a revolutionary, regulated cryptocurrency exchange” sometime later in 2021. The digital asset exchange promises decentralized services. Their goal is to allow traders to buy and sell digital assets directly with each other. It will also aim to offer “deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets,” a statement by the company said.

Bullish Global to Become Public by End of 2021

The deal, announced earlier in the month, is expected to close by the end of 2021. Once the merger is officially confirmed, Tom Farley will become the chief executive of Bullish Global.

“Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems.” That’s what Mr. Farley told CNBC’s Squawk Box. “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. As well as more and more dollars go into the space,” he added.

Bullish started in May this year as a subsidiary of Block.one, a blockchain software company that offers funding to innovate crypto-centered start-up companies.