After EOS, Block.one Capitalizing on Bull Market Through “Bullish” Going Public in a SPAC Deal at a $9B Valuation

While EOS price is seeing a 10% jump from the news today, the token is down 82.6% from its all-time high of $22.7 three years back in 2018 and failed to reach its peak even in 2021, where crypto prices soared to new heights and made crypto over a $2.6 trillion industry.


Block.one’s Bullish is going public through a merger with a special purpose acquisition company (SPAC), Far Peak Acquisition Corp, that will put its valuation at about $9 billion.

The deal includes a $300 million private investment in a public entity with other investors, including funds and accounts managed by BlackRock, Galaxy Digital, and Cryptology Asset Group.

This merger will provide $600 million in net cash, according to the statement.

Block.one launched Bullish in May which plans to launch a cryptocurrency exchange later this year to capitalize on the growing adoption and the bull market.

Ahead of its public launch, which is anticipated later this year, Bullish will be running a private pilot program in the coming weeks.

Far Peak CEO Thomas W. Farley, a former NYSE president, will be the CEO of Bullish while Block.one CEO, Brendan Blumer, will become the chairman of the combined firm.

“With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today,” Farley said in the statement.

The deal, subject to approval by Far Peak stockholders and regulators, is expected to close by this year-end.

Block.one is backed by billionaire entrepreneur Peter Thiel and hedge fund managers Alan Howard and Louis Bacon, Galaxy Digital, Japanese bank Nomura, German investor Christian Angermayer’s Apeiron Investment Group, and Hong Kong billionaire Richard Li.

Block.one is the same company behind EOS and conducted the largest ever initial coin offering (ICO) of $4 billion in 2017.

ICO investors actually filed a lawsuit against Block.one for misleading them into believing that EOS would be decentralized. Last month, Block.one settled its class-action lawsuit for $27.5 million concerning the ICO itself.

The hefty ICO didn't do anything for the EOS investors, with the cryptocurrency currently worth less than $3.8 billion at the 28th spot while the token trades under $4 per EOS.

While EOS price sees a 10% jump from the news, the token is down 82.6% from its all-time high of $22.71 three years back in 2018, as per CoinGecko. The cryptocurrency failed to reach its peak despite the raging bull market up until a couple of months ago, which put the crypto prices to new heights and made crypto over a $2.6 trillion industry. EOS 1.46% EOS / USD EOSUSD $ 4.02
$0.061.46%
Volume 893.73 m Change $0.06 Open $4.02 Circulating 955.72 m Market Cap 3.84 b
1 w Tether in 'Open Dialogue' with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud 2 w ByBit Finally Launches Spot Trading with Four Trading Pairs Including BTC, ETH, XRP, & EOS 3 w After EOS, Block.one Capitalizing on Bull Market Through “Bullish” Going Public in a SPAC Deal at a $9B Valuation

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“Bullish’s entry into the public markets allows our customers to take part in Bullish by holding a piece of our company, without any of the regulatory uncertainties or jurisdictional limitations of a profit-sharing token issuance,” Blumer told Reuters.

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