SB Northstar, an investment arm of Tokyo-based SoftBank, has agreed to invest $75 million in Block.one’s new subsidiary crypto exchange, Bullish.
Just a week after its launch cryptocurrency exchange Bullish announced it agrees to go public. It will go public on New York Stock Exchange through SPAC merger with Thomas Farley’s Far Peak Acquisition.
According to filling with U.S SEC, SoftBank will purchase 7.5 million shares for $10 each. It will purchase these shares at Bullish’s upcoming special purpose acquisition (SPAC) deal.
SB Northstar LP will also buy 3 million warrants to purchase shares of Far Peak, the SPAC. These purchases take the Bullish public and it could get value at about $9 billion.
Bullish, backed by billionaire investor Peter Thiel, is on track to go public by the end of 2021. Bullish will appoint Farley as the new CEO of Bullish. Block.one CEO, Brendan Blumer will serve as chairman.
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The SPAC deal will feature $300M in committed investment from Galaxy Digital, EFM Asset Management and BlackRock. The SoftBank unit committed a $300 million private offering that Bullish held last week. Bullish, a unit of blockchain software company Block.one, has yet to launch its crypto exchange.
