Coinbase rival Bullish plans NYSE listing through SPAC deal

Bullish, a crypto exchange rivalling Coinbase Global Inc (NASDAQ:COIN), has said it is planning to go public on the New York Stock Exchange (NYSE) through a merger with Special Purpose Acquisition Company (SPAC) Far Peak Acquisition Corp (NYSE:FPAC), run by the exchange’s former president Thomas Farley.

Bullish, which is backed by a number of prominent figures including PayPal Holdings Inc (NASDAQ:PYPL) co-founder Peter Thiel, said on Friday that the merger carries a pro forma equity value of around US$9bn, although this will be adjusted based on crypto asset prices at the time of the combination, which is expected to occur before the end of the year.

READ: Former Barclays boss plans US listing for crypto firm Circle

The merger will see Farley serve as chief executive of Bullish, which was launched in May by blockchain software firm Block.one with around US$10bn in funding.

“Bullish represents a promising future for financial services. With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today. Bullish is well positioned to strategically deliver value to its prospective shareholders as it capitalizes on market trends and places technological innovation at the core of its identity”, Farley said in a statement.

“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”, he added.

The Bullish listing follows an announcement earlier this week that crypto firm Circle, the group behind stablecoin USD Coin, is also planning to float on the NYSE  through a US$4.5bn deal with Concord Acquisition Corp, a SPAC chaired by former Barclays PLC (LON:BARC) boss Bob Diamond.

Story by ProactiveInvestors