The number of cryptocurrency companies announcing plans to go public continues to increase with the latest one being Block.one’s Bullish.
Bullish Global, the cryptocurrency company operating under the hat of the blockchain software firm Block.one, has revealed plans to go public on the New York Stock Exchange (NYSE).
Bullish made the announcement via a press release on Friday (July 9th, 2021). According to the publication, the firm plans to go public via a merger with a special purpose acquisition company (SPAC) called Far Peak Acquisition Corporation.
The alliance between Bullish and Far Peak indicates a pro forma equity value of about $9 billion, subject to adjustment based on the value of crypto assets at the close of the transaction.
There were discussions about a SPAC merger back in June, with speculations that the alliance could see Bullish valued at $12 billion.
While the Boards of Directors of Bullish and Far Peak unanimously agreed to the deal, the transaction which is expected to be completed before the end of 2021 would need approval from the latter’s stakeholders.
Far Peak is led by Thomas Farley, who previously served as the President of the NYSE between 2014 and 2018. Following the closure of the deal, Farley would serve as the CEO of Bullish, while Brendan Blumer, the CEO Block.one, would become the Chairman.
In addition to going public, Bullish is planning to release a cryptocurrency exchange. Meanwhile, it will conduct a private pilot program before the planned public launch.
“We are excited to be partnering with Far Peak to bring Bullish into the public markets to offer our customers the opportunity to own a part of our business.” – commented Blumer.
Meanwhile, EOS responded positively to the news, with the token’s price gaining 10%.
The Bullish news comes shortly after fintech firm Circle, announced plans to go public on the NYSE through a merger with SPAC Concord Acquisition. Coinbase became the first U.S. cryptocurrency exchange to go public through a direct listing on Nasdaq.