SB Northstar, the investment arm of Tokyo-based SoftBank, will buy 7.5 million shares at $10 of the operator of the Bullish cryptocurrency exchange, according to a statement to the US Securities and Exchange Commission.
The trading platform will become a public company through a reverse merger with SPAC Far Peak Acquisition. The combined firm was valued at about $9 billion.
Bullish Global is a subsidiary of the Block. one company behind the development of the EOS project. In May 2021, the latter invested $10 billion in the launch of the bitcoin exchange. The platform will be launched in 2021.
Far Peak Acquisition shares are traded on the New York Stock Exchange (NYSE). SPAC is owned by the former president of the trading platform, Tom Farley. In 2015, under the leadership of the latter, NYSE invested in Coinbase.
Recall that in June, Froxbit.com has settled the conflict with investors. The court closed the case on the terms of the defendant’s payment of $27.5 million.