Blockchain-based cryptocurrency exchange Bullish to go public via $9bn SPAC deal


Bullish Global, a recently created blockchain-based cryptocurrency exchange, revealed plans to go public via a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC), in a deal that values the combined firm at around $9 billion.

The proposed deal with Far Peak Acquisition Corporation will help Bullish Global get a listing on the New York Stock Exchange (NYSE).

The company is currently a subsidiary of, the creator of the EOSIO open-sourced blockchain software. It was launched in May 2021 by and investors such as Peter Thiel’s Thiel Capital and Founders Fund, Louis Bacon, Alan Howard, Richard Li, Galaxy Digital, Christian Angermayer, and Nomura.

Bullish Global was launched with a capitalization of more than $10 billion in cash and digital assets.

Brendan Blumer – CEO of 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.

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“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.”

Blockchain-based cryptocurrency exchange Bullish to go public via $9bn SPAC deal

Blockchain-based cryptocurrency exchange Bullish to go public via $9bn SPAC deal. Image courtesy of Pete Linforth from Pixabay.

Bullish Global’s regulated cryptocurrency exchange is expected to provide deep, predictable liquidity with technology for helping retail and institutional investors in generating yield from their digital assets.

The blockchain-based cryptocurrency exchange, in the coming weeks, will undergo a private pilot program before its expected public launch later this year.

The pilot program will see participants test and experience the cryptocurrency exchange platform first-hand under a simulated market environment. The participants will get to test Bullish exchange’s innovations such as Bullish Hybrid Order Book and Liquidity Pools.

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Both Bullish Hybrid Order Book and Liquidity Pools are designed to offer deep and deterministic liquidity apart from a user-friendly trading experience, which is claimed to be supported by industry-grade security and auditability.

The merger will give the enlarged Bullish Global cash proceeds of around $900 million. The amount includes nearly $600 million from net cash in trust of Far Peak Acquisition Corporation and $300 million in the form of private investment in public equity (PIPE).

The anchor PIPE investor is EFM Asset Management. The other investors include funds and accounts managed by BlackRock, Galaxy Digital, Cryptology Asset Group, and various other institutional investors.

Thomas W. Farley – Chairman and CEO of Far Peak Acquisition Corporation said: “Bullish represents a promising future for financial services.

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“With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today. Bullish is well positioned to strategically deliver value to its prospective shareholders as it capitalizes on market trends and places technological innovation at the core of its identity.

“We’re only in the first or second inning of the cryptocurrency market and I’m thrilled to be joining the Bullish team as we revolutionize the future of digital assets through cutting edge financial technologies.”

Thomas W. Farley will become the CEO of Bullish Global after the closing of the merger.

The deal, which is anticipated to close by the end of this year, is contingent on approval by Far Peak Acquisition Corporation’s stockholders, regulatory approvals, and other customary closing conditions.

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