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A newly formed cryptocurrency company with a capitalization of $ 10 billion is preparing to go public.
Bullish Global, a subsidiary of blockchain software company Block.one, launched in May with $ 10 billion in funding from leading investors, including Thiel Capital and Founders Fund from billionaire Peter Thiel, the fund manager. speculative Alan Howard and crypto investment firm Galaxy Digital.
According to a new press release, the cryptocurrency firm is unveiling its plan to go public ahead of the planned rollout of its blockchain-based cryptocurrency exchange, Bullish.
Bullish will come with decentralized finance (DeFi) functionality in addition to crypto trading functionality, including portfolio management, automated market making, and lending tools.
The company said it is made public on the New York Stock Exchange through a merger agreement with Far Peak Acquisition (FPAC), a special purpose acquisition company (SPAC) headed by former NYSE chairman Thomas W Farley.
“The Bullish and Far Peak business combination has a pro forma net value at signature of approximately US $ 9.0 billion at US $ 10 per share, to be adjusted at the close of the transaction based on the prices of crypto assets at this time. The proceeds include approximately US $ 600 million of net cash in trust (assuming there are no redemptions) and US $ 300 million of private equity investments (“PIPE”) … “
Farley will become Bullish’s chief executive, and Block.one CEO Brendan Blumer will assume the role of company chairman once the deal is struck. According to the press release, the transaction is expected to be finalized by the end of the year.
The announcement comes as Bullish prepares to run a private pilot test program in the weeks leading up to its public launch before the end of 2021.
According to Farley, Bullish is focused on “technological innovation” in the financial services space.
“The uptrend represents a bright future for financial services. With increased interest from institutional players and sophisticated traders, it is essential to iterate over the existing trading infrastructures that we see today. Bullish is well positioned to strategically deliver value to its potential shareholders, as it capitalizes on market trends and places technological innovation at the heart of its identity.
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Featured Image: Shutterstock / aslysun
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