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Crypto Exchange Bullish to Go Public in $9B Blank-Check Deal

Bullish plans a SPAC merger with Far Peak Acquisition to launch a regulated cryptocurrency exchange.
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Bullish, a cryptocurrency exchange company, said Friday it intended to go public through a merger with Far Peak Acquisition  (FPAC) , a special purpose acquisition company, in a deal valued at about $9 billion.

Shares of the New York blank-check company at last check were 2.5% higher at $10.18.

Bullish, a unit of blockchain software company, said in a statement that it planned to launch a regulated cryptocurrency exchange. 

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The boards of both companies have approved the deal. The transaction is expected to close this year, subject to conditions including regulatory clearances.

The deal includes a $300 million private investment in public equity anchored by EFM Asset Management of Hong Kong. Other investors include funds and accounts managed by BlackRock,  (BLK)  Cryptology Asset Group and Galaxy Digital.

The Bullish-Far Peak merger would result in proceeds that include net cash in trust of about $600 million, assuming no redemptions.

Upon completion of the deal, Far Peak Chairman and Chief Executive Thomas Farley, former president of the New York Stock Exchange, will become CEO of Bullish. Brendan Blumer, CEO of, will be appointed chairman.

In April, Farley described cryptocurrency as "the best-kept secret in the world and maybe the financial markets."

During the past year, Bullish said it received an initial capital injection by of $100 million and digital assets comprising 164,000 Bitcoin and 20 million EOS, and completed a previously announced $300 million strategic investment round.

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EOS is a blockchain-based decentralized operating system that is designed to create, host, and support secure, decentralized autonomous applications and smart contracts.

Bullish said it is backed by investors including Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and global investment bank Nomura.

Bullish said it would run a private pilot program leading up to its public launch where participants will be able to test and experience the platform first-hand within a simulated market environment.