Bullish SPAC, Far Peak Takes $ 1.5 Million Loss to Attract Investors
SB Northstar LP will also purchase 3 million warrants to buy shares of Far Peak, the SPAC tasked with taking Bullish public. The warrants will be acquired by the unit either from the sponsors of SPAC, or its anchor investors, which include funds managed by BlackRock. Cassel Salpeter & Co. Chairman James Cassel told Bloomberg the seller will take a $1.5 million loss by selling the warrants to SoftBank. In an interview, he explained that SPACs do this to attract high-profile investors.
Thomas Farley, the CEO of Far Peak, will become the CEO of Bullish following the completion of the SPAC transaction. Farley previously served as the president of the New York Stock Exchange (NYSE).
SoftBank Further Moves into Crypto With Mercado Brazil Series B Funding 2022
Bullish made the commitment through a $300 million private offering last week, the filings showed, although Bullish hasn’t identified SoftBank as one of the buyers in any of its press releases.
SoftBank invested $200 million in Mercado Brazil earlier this month. At the end of June, the bank participated in the exchange’s Series B funding round, making it the largest investment it has ever made into a Latin American crypto company. SoftBank has previously invested in various cryptocurrency companies, but most of its investments have been much smaller, including Bullish and Mercado Brazil.