Cryptos and SPACs are two of a 2021 investor’s favorite things. It seems like every day, there’s a new coin or token popping up with huge gains. Likewise, it seems like every week brings a handful of new SPAC deals. Of course, that means the Bullish crypto exchange and Far Peak Acquisition (NYSE:FPAC) go together like peanut butter and jelly. And with their newly announced merger, FPAC stock is on the up and up.
Bullish is an upcoming crypto exchange. There’s not an actual platform for customers to go and exchange their favorite digital currencies quite yet, but that’s not dissuading anybody. That’s because Bullish is a Peter Thiel project.
FPAC Stock Gains on News of Bullish Merger
Bullish is intending to join the likes of Coinbase (NASDAQ:COIN) as one of the earliest exchanges to see listing on Wall Street. A press release this morning announced a coming merger between the exchange player and Far Peak Acquisition. The pro forma equity value of the signing is estimated to be $9 billion. Bullish is netting $600 million in proceeds as well, including PIPE investments from the likes of prominent crypto fund Galaxy Digital and BlackRock (NYSE:BLK).
The release sets a deadline for the merger at the end of this year. This deadline gives Bullish plenty of time to test drive its products and get it right in terms of usability and innovation. The company is planning on launching the exchange to the public in late 2021, presumably ahead of the merger.
Bullish isn’t the only company in this merger with some star power to its name; Thomas Farley, ex-president of the New York Stock Exchange, is the head of Far Peak. Speaking on the magnitude of Bullish and the coming merger, Farley says it 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.”
FPAC stock is bumping upward in the wake of this bit announcement. The stock is rising about 2.5% on the morning, and trading volume is increasing vastly. Over 14 million shares are trading hands today against its daily average of just under 300,000.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.