FPAC - Crypto-exchange Bullish sets $9B SPAC merger with Peter Thiel-backed Far Peak
peterschreiber.media/iStock via Getty Images Crypto-exchange company Bullish — whose backers include Peter Thiel and three other billionaires — announced plans Friday to go public via a merger with Far Peak Acquisition Corp. (FPAC), a SPAC headed by ex-New York Stock Exchange President Thomas Farley. The deal will value Bullish at some $9B. “Bullish represents a promising future for financial services,” Farley, who will take over as the company’s CEO, said in announcing the deal. “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.” FPAC rose 3.8% on the news to open at $10.31. Plans call for Bullish to receive some $900M of cash through the merger. About $600M will company from Far Peak (assuming no redemptions), with another $300M coming from a private investment in
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Crypto-exchange Bullish sets $9B SPAC merger with Peter Thiel-backed Far Peak