Crypto start-up Bullish plans to go public in a reverse merger with a special purpose acquisition company backed by Tom Farley, former president of the New York Stock Exchange.
Farley’s Far Peak Acquisition Corp. SPAC was up more than 2% in late-morning trading on the news.
The deal, announced Friday, is expected to close by the end of 2021 — and Farley, who oversaw the NYSE from 2014 to 2018, will become CEO of Bullish when that happens.
“This is a big idea whose time has come,” Farley said in an interview on CNBC’s “Squawk Box,” shortly after the deal was announced.
“Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems. Anybody who tells you they know exactly how it’s going to turn out is lying or delusional, but in general, you’re going to see more and more interesting use cases, more and more dollars go into the space,” he added.
Farley’s plan to lead the cryptocurrency exchange is noteworthy given his experience with financial regulators from his time at the NYSE. The prospect of additional regulation in the U.S. is being watched closely by the crypto industry.
Bullish expects to receive around $600 million in proceeds from Far Peak, plus another $300 million through a PIPE, or private investment in public equity. A host of big-name investors are participating in the PIPE, including BlackRock, the world’s largest asset manager, and Mike Novogratz’s crypto-focused financial services