SoftBank to Invest $75M in Peter Thiel-Backed Crypto Exchange Bullish

SoftBank to Invest $75M in Peter Thiel-Backed Crypto Exchange Bullish

SB Northstar, an investment arm of Tokyo-based SoftBank, has agreed to invest $75 million in Block.one’s new subsidiary crypto exchange Bullish.

According to a filing with the Securities and Exchange Commission (SEC), SoftBank will purchase 7.5 million shares for $10 each at the time of the SPAC merger. Bullish has been valued at $9 billion.

Bullish, which is backed by billionaire investor Peter Thiel and crypto investment firms like Galaxy Digital, is on track to go public by the end of 2021 via a SPAC merger with Far Peak Acquisition. Thomas Farley, former president of the New York Stock Exchange, will become Bullish’s president.

Some in the crypto sphere have raised eyebrows at the newly-launched Bullish’s plans to go public, suggesting that it is part of an effort to raise the value of the Block.one-assocated EOS blockchain, and others, including billionaire crypto investor Sam Bankman-Fried, suggesting Bullish’s real aim is to be a Microstrategy-esque stock proxy for crypto.

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