Bullish was set up as a subsidiary of blockchain software company Block.one and is planning to run a private pilot program in the before its public launch. It will use Block.one’s EOS blockchain to automate crypto trading services like portfolio management tools for institutional and retail investors.
Bullish expects to receive around USD 600 million in proceeds from Far Peak, plus another USD 300 million through a PIPE, or private investment in public equity, as stated in CNBC. Moreover, the merger between Far Peak and Bullish implies a pro forma equity value of roughly USD 9 billion.
According to eMarketer, SPACs tend to be a faster route to going public than IPOs, which works well for crypto exchanges like Bullish still hoping to cash in on cryptos’ popularity. Other crypto firms that have already announced SPACs include Bakkt and Circle.
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