Bullish plans to go public in a reverse merger backed by former New York Stock Exchange president, Tom Farley.
The former New York Stock Exchange president, Tom Farley’s, Far Peak Acquisition Corporation announced a deal today to bring the Bitcoin exchange Bullish public, according to CNBC.
Tom Farley will be the CEO of the exchange when this is complete and the deal is expected to close by end of year. Farley was the president of NYSE for four years from 2014 2018.
Far Peak Acquisition Corporation will be giving Bullish around $600 million in proceeds and they’ll receive an additional $300 million through a private investment in public equity (PIPE). The world’s largest asset manager Blackrock along with Galaxy Digital are two of the firms participating in this PIPE.
In an interview with Squawk Box this morning, Farley bullishly said “This is a big idea whose time has come,” which is a play off the famous and iconic Victor Hugo quote of “No force on earth can stop an idea whose time has come.” Bitcoin is the biggest and most important idea going on in the world at the moment, and they aim to capture some of its success.
He also mentioned that one day one when everything is all said and done, the company will have around a $9 billion dollar balance sheet. The exchange aims to provide customers with “deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets,” per their press release.
The Bitcoin space is heating up and more and more are realizing the potential of bitcoin, how they can provide value to users, and also how they can profit from all of this. Farley then went on to add: “Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems…you’re going to see more and more interesting use cases, more and more dollars go into the space.”