EOS jumps 15% to Bullish plans to list on NYSE via SPAC merger deal worth $9B

Bullish, a unit of blockchain software company Block.one, revealed that it plans to list on the NYSE through a SPAC deal that could see it valued at $12 billion.
EOS, which was developed by the company Block.one, has received the latest development positively and surged by nearly 15 percent in the last 24 hours.

Bullish, a unit of blockchain software company Block.one, has revealed plans to go public later this year inspiring EOS to rally. The newly launched cryptocurrency exchange will achieve this through a merger with Far Peak Acquisition Corp. (FPAC.N), a special purpose acquisition company (SPAC). According to some reports, the listing could see Bullish valued at $12 billion. The deal between Bullish and Far Peak indicates a pro forma equity value of roughly $9 billion.

The Bullish crypto exchange currently enjoys the backing of not only Block.one but also some of the most influential business leaders from the financial world and crypto space. These include billionaire entrepreneur Peter Thiel, fund manager Alan Howard, U.S. hedge fund manager Louis Bacon, Hong Kong billionaire Richard Li, and Galaxy Digital among others.

Bullish will use @EOSIO to securely execute and immutably record all financial movements on the platform. Cryptographic proof of this audit trail will be cross-hashed to the #EOS public blockchain to facilitate externally verifiable state integrity – a first for exchange design. https://t.co/hkoX2x6md3

— EOSIO (@EOSIO) July 9, 2021

The exchange has been viewed as the first exchange that offers the best from the centralized and decentralized space. Its centralization offers compliance, efficiency, and robust development. Its decentralization on the other hand brings new innovative products such as DeFi.

Block.one’s chief executive officer Brendan Blumer told Reuters;

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,

If successful, Bullish will be only the second crypto-focused company to go public after Coinbase listed on the NASDAQ earlier in the year. Other companies interested in going public include Robinhood which offers users free crypto trading options. Kraken is also said to be considering going public in the near future.

EOS extends gains on Bullish news

As CNF reported earlier in the year, Block.one’s investment in Bullish was positively received. Block.one is said to have invested about $10 billion in the company. After the partnership was confirmed, EOS enjoyed gains of up to 50 percent.

Read More: EOS jumps by 50% following Block.one’s $10B investment in crypto exchange

Following the news of the listing, EOS has recorded significant gains. According to our data, EOS has gained nearly 15 percent in the last 24 hours. Although the coin is still a long way from its ATH of $22 set nearly three years ago, the recent surge past $10 earlier in the year inspired investors to believe it could reach its ATH before the year ends.

At the time of press, EOS is exchanging for $4.09, fast approaching the $5 local resistance.

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