Bullish, a US-based digital asset services provider backed by blockchain software provider Block.one, has agreed a reverse merger with special purpose acquisition company Far Peak Acquisition Corporation.
The deal will give Bullish the listing on New York Stock Exchange taken by Far Peak through a $550m initial public offering in December 2020.
EFM Asset Management is anchoring a $300m private investment in public equity deal supporting the transaction that includes funds and accounts managed by BlackRock in addition to Cryptology Asset Group and Galaxy Digital, at a $9bn pro forma equity valuation.
Formed by Block.one with a $100m investment at the time of its launch, Bullish was tasked with developing advanced products for the digital asset management space.
The startup plans to release its debut product, a cryptocurrency exchange designed to integrate the vertically integrated benefits of decentralised finance markets with the performance, compliance and privacy of central order book systems, by the end of 2021.
The initial Block.one funding was boosted by $300m from investment bank Nomura, Thiel Capital, Founders Fund, Galaxy Digital and private investors Alan Howard, Louis Bacon, Richard Li and Christian Angermayer, a round revealed last month when Bullish emerged from stealth.
Brendan Blumer, Block.one’s CEO, said: “We believe Bullish’s real-time portfolio balancing tools, deep predictable liquidity, and industry-leading security and compliance represent a new breed of exchange design and can redefine how investors trade and manage digital assets.
“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.”
