Block.One Subsidiary Bullish Set to go Public In a SPAC Deal Valued at $9 Billion

Bullish Global, a crypto company and a unit of Block. One is going public on New York Stock Exchange (NYSE) via the SPAC merger later this year. The firm will merge with special purpose acquisition company (SPAC) Far Peak Acquisition backed by Farley, the former NYSE president.

The crypto firm has also got the backing of billionaire entrepreneur Peter Thiel’s Thiel Capital and Founders Fund, British hedge fund manager Alan Howard, U.S. hedge fund manager Louis Bacon, Hong Kong billionaire Richard Li, German investor Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and Japanese bank Nomura.

Brendan Blumer, Block.one’s a chief executive officer and the incoming chairman of Bullish, said

“Bullish’s entry into the public markets allows our customers to take part in Bullish by holding a piece of our company, without any of the regulatory uncertainties or jurisdictional limitations of a profit-sharing token issuance,”

The merger would finalize by the end of 2021 post regulatory approvals and Far Peak stockholder’s approval. It is expected to launch its regulated exchange by the end of this year that would offer “deep, predictable liquidity with technology that enables retail and institutional investors to generate a yield from their digital assets,”

Crypto Companies Continue to Grow in Demand

2021 has proven to the year of crypto companies as the first two quarters of 2021 saw over $2 billion in investment in crypto firms. Several crypto companies have raised over $100 million seeing their valuation grown into billions. Several crypto companies went public through the SPAC merger, only yesterday USDC stablecoin issuer Circle announced their SPAC merger as well at a $4.5 billion valuation.

Crypto adoption especially among Wall Street giants has continued despite a cold market. Many banking giants including JP Morgan, Goldman Sachs, and Bank of America are warming up to the cryptocurrency amid growing clients demand.