Bullish's SPAC deal with Far Peak was recently confirmed, valuing Bullish at $9b and making it one of the first digital asset companies to go public, joining Coinbase e Bakkt. Following the announcement Brendan Blumer posted on Twitter various details of the platform.
Far Peak Acquisition Corp (NYSE: FPAC) is a blank check company that focuses for target business in the financial technology, technology or financial services industries. With this SPAC deal, Bullish will merge with Far Peak, and Tom Farley, Chairman and CEO of Far Peak and former New York Stock Exchange president, will become Bullish's new Chief Executive Officer. Brendan Blumer, the CEO of Block.One, will become chairman of the combined firm.
The deal appears to have valued Bullish at $9 billion, up from $12 billion in initial discussions. Initially Bullish raised around $10 billion in capitalisation which consisted of 164,000 BTC and approximately 20 million EOS, which are currently valued at approximately $5.7 billion, plus $300 million from strategic investment rounds which includes EFM Asset Management as well as BlackRock and Galaxy Digital.
The deal is expected to close by the end of the year, following approval from Far Peak stockholders and regulators. In the meantime Bullish seems to have already launched an invite-only pilot and will launch its public version by the end of the year.
According to recent tweets by Brendan Blumer:
"Bullish is focused on offering new solutions that give customers more choices and drive more benefits back to the traders and hodlers themselves to fight the excessive fee-taking/volatility-inducing/asset-price-suppressing models this industry is currently too dependent on."