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Friday, July 9, 2021

Far Peak Acquisition (FPAC) confirms intent to merge with Bullish

Cryptocurrency firm Bullish to go public in $9 billion SPAC deal
  • Bullish, a unit of blockchain software company, plans to launch a regulated crypto exchange later this year.
  • The company is backed by billionaire entrepreneur Peter Thiel's Thiel Capital and Founders Fund, British hedge fund manager Alan Howard, U.S. hedge fund manger Louis Bacon, Hong Kong billionaire Richard Li, German investor Christian Angermayer's Apeiron Investment Group, Galaxy Digital, and Japanese bank Nomura.
  • Market sentiment on cryptocurrencies has dimmed as China, Britain and Japan clamp down on the sector.

Far Peak Acquisition confirms intent to merge with Bullish
  • Bullish, a technology company focused on developing financial services for the digital assets sector, announced it intends to go public on the NYSE through a merger with Far Peak Acquisition Corp., a special purpose acquisition company.
    • Bullish is preparing to release a regulated cryptocurrency exchange that offers deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets.
    • In the coming weeks, Bullish exchange will run a private pilot program leading up to its public launch anticipated later in 2021.
  • The business combination of Bullish and Far Peak has a pro forma equity value at signing of approx. US$9.0 bln at US$10 per share, to be adjusted at transaction closing based on crypto asset prices around that time.
  • The proceeds include net cash in trust of approx. US$600 mln and US$300 mln of committed private investment in public equity anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and several other institutional investors.
  • The transaction is expected to close by the end of 2021.

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