SoftBank Unit to Invest in Thiel-Backed Crypto Exchange Bullish
- Bullish to sell 7.5 million shares to SoftBank’s SB Northstar
- It’s the second crypto wager disclosed by SoftBank this month
Peter Thiel
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
A unit of SoftBank Group Corp. agreed to invest $75 million in Bullish, the sponsor of a not-yet-operational cryptocurrency exchange, as the startup prepares to go public through a merger with a special purpose acquisition company.
SB Northstar LP will acquire 7.5 million Bullish shares for $10 each at the time it combines with Far Peak Acquisition Corp., according to documents filed July 9 with the U.S. Securities and Exchange Commission. It will also buy 3 million warrants to purchase shares of Far Peak, the SPAC taking Bullish public in a move that could value the combined entity at about $9 billion.