top of page

Bullish: this $9 billion crypto exchange backed by Peter Thiel

This gigantic project did not go unnoticed in the crypto and more generally fintech industry.

Bullish, a cryptocurrency exchange backed by billionaire entrepreneur Peter Thiel, announced it's going public in a merger with special purpose acquisition company Far Peak Acquisition in a deal valued at $9 billion.

The company is expected to have approximately $600 million in net cash, including $300 million from EFM Asset Management, with participation from BlackRock, Cryptology Asset Group, and Galaxy Digital (founded by Mike Novogratz).

The transaction is expected to close by the end of 2021 and is subject to approval by Far Peak stockholders.

Bullish was launched in May by Block.One, a blockchain software company backed by Peter Thiel and hedge fund managers Alan Howard and Louis Bacon, but is not yet operational. It also counts Hong Kong tycoon Richard Li and German entrepreneur Christian Angermayer among its investors.

The Bullish merger will provide $600 million in net cash, according to the statement. Upon completion of the transaction, Far Peak Chief Executive Officer Thomas W. Farley, a longtime president of the New York Stock Exchange, will become the CEO of Bullish. Brendan Blumer, the CEO of Block.One, will become chairman of the combined firm.

The deal is expected to close by the end of the year and is subject to approval by Far Peak stockholders and regulators.

Bullish will run a private pilot program in the coming weeks leading up to its public launch, which is anticipated later this year, according to the statement.

More recently SB Northstar, an investment arm of Tokyo-based SoftBank, has agreed to invest $75 million in’s new subsidiary crypto exchange, Bullish.

According to a filing with the Securities and Exchange Commission (SEC), SoftBank will purchase 7.5 million shares for $10 each at the time of Bullish’s upcoming SPAC merger.

Credit: Getty Images/John Lamparski


bottom of page