Bullish to Receive $75 Million Investment From SoftBank

Bullish, a company backed by Thiel Capital, owned by the billionaire entrepreneur Peter Thiel, is set to receive a $75 million investment from SB Northstar LP, a business unit of the SoftBank Group, just one week after announcing its agreement to go public on NYSE through a merger with Far Peak Acquisition.

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SoftBank is making a purchase of 7.5 million shares for $10 each at the time of Bullish's upcoming special purpose acquisition (SPAC) deal, as shown in the documents filed with the SEC.

Thomas Farley, Far Peak's CEO, will be appointed as the new CEO of Bullish as soon as the SPAC transaction is completed.

According to the filings with SEC, the Japanese conglomerate made the commitment through a $300 million private offering Bullish held last week. Galaxy Digital, EFM Asset Management, and BlackRock have all agreed to contribute $300 million in the SPAC transaction.

The Bullish and Far Peak company is expected to have a pro forma equity value of about $9 billion at signing.

Some in the crypto community have questioned the recently launched Bullish's ambitions to go public, speculating that it is part of a larger scheme to boost the value of the Block.one-affiliated EOS blockchain.

Others, such as wealthy crypto investor Sam Bankman-Fried, believe Bullish's true goal is to be a MicroStrategy-style cryptocurrency stock proxy. MicroStrategy is a commercial software firm that has made significant investments in Bitcoin.