SB Northstar, the investment arm of Tokyo-based SoftBank, will buy 7.5 million shares at $10 each of cryptocurrency exchange operator Bullish, according to a filing with 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 has been valued at around $9bn.
Bullish Global is a subsidiary of EOS developer Block.one. The latter invested $10bn in the launch of the bitcoin exchange in May 2021, with the platform set to launch in 2021.
Far Peak Acquisition shares are traded on the New York Stock Exchange (NYSE). SPAC is owned by former trading floor president Tom Farley. The NYSE invested in Coinbase in 2015 under the latter's leadership.
As a reminder, Block.one settled with investors in June. The court closed the case on the terms of the defendant's payment of $27.5m.