Article Image

IPFS News Link • Stock Market

Thiel-Backed Crypto Exchange Merges With SPAC Run By Former NYSE President

• by Tyler Durden

The firm, known as "Bullish Global", is now going public by merging with a SPAC run by a former chairman of the New York Stock Exchange, in the latest example of how Wall Street stalwarts continue to embrace "opportunities" in the crypto space. According to CNBC, "[c]rypto startup Bullish plans to go public in a reverse merger with the special purpose acquisition company backed by Tom Farley, the former New York Stock Exchange president."

Farley's SPAC, the Far Peak Acquisition Corporation,saw its shares jump roughly 4% on the news in premarket trading.

Bullish expects to receive around $600MM in proceeds from Far Peak, leaving the combined company with an implied pro forma valuation of $9 billion.

Bullish has gained a lot of profile in part thanks to its coterie of big-name backers.

The merger implies a pro forma equity valuation of roughly $9 billion.

The deal will make Bullish the second crypto exchange with a public listing in the US. Coinbase, the global leader in the crypto exchange space, went public in April and has struggled to convince investors of its valuation. One problem: the space is seen as hyper-competitive, and one reason is because there are so many players in a market that's rapidly evolving. The move toward decentralized exchanges, and cryptocurrencies that support those exchanges, has been a big deal over the past year.