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An individual investor, also known as a retail client, is a client organisation or individual who cannot be deemed both a Qualified Investor and a Qualified Client, pursuant to the requirements of the Israeli Securities Law 1968 (the ‘Securities Law’) and the Law for the Regulation of Advice, Investment Marketing and Investment Portfolio Management 1995 (the ‘Advice Law’), respectively. A Qualified Investor is defined under the Securities Law as.

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Bullish Global acquires CoinDesk from Digital Currency Group

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CAYMAN ISLANDS - December 22, 2022 – Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, and Bullish, a technology company that operates the regulated cryptocurrency trading platform Bullish exchange, announced today that they have mutually agreed to terminate their proposed business combination.



As previously announced on July 8, 2021, Far Peak and Bullish entered into a Business Combination Agreement (the “Agreement”) providing for a business combination in which Bullish would become publicly traded on the New York Stock Exchange.



“Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities,” said Brendan Blumer, Chairman and CEO of Bullish. “I’m proud of the dedicated team of Bullish employees and advisors who have devoted countless hours to ensure Bullish operates with the highest standards of transparency and responsibility. This work has formed the operating foundation required to service our customers in the best and safest possible way.”



“We are disappointed that we were unable to present the Bullish transaction to our Far Peak shareholders, “ said Thomas Farley, Chairman and CEO of Far Peak. “Bullish’s accomplishments since its launch have lived up to our expectations, and their daily trading volumes highlight their remarkable growth. I am a big believer in Bullish’s talented team, their vertically integrated approach to exchange liquidity, and their unwavering commitment to regulation, and the highest standards of industry transparency.”



Under the terms of the Agreement, as most recently amended, both Far Peak and Bullish Global would have the right to terminate the Agreement if the transactions had not been consummated by December 31, 2022. In connection with the termination, the parties have agreed to a mutual release.



Despite the extraordinary efforts of the parties over an 18-month period, Bullish and Far Peak have determined that they would be unable to satisfy the requirement that Bullish’s previously filed registration statement on Form F-4 be declared effective in sufficient time to enable Far Peak to call, and solicit proxies for, a special meeting of its shareholders to consider and vote on the proposed business combination prior to year-end.



Bullish exchange, which is available in 50+ jurisdictions, leverages innovative use of AMM Instructions and works within regulatory compliance frameworks, giving institutional and retail traders access to deep liquidity and low-cost transactions. The trading platform is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission.&nbsp;



Given the time constraints and market conditions, Far Peak does not intend to seek a new merger partner and will instead focus on winding up either on March 7, 2023, or sooner if practicable.



Far Peak’s amended and restated memorandum and articles of association provide that if it has not consummated an initial business combination by March 7, 2023, Far Peak will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem its Class A ordinary shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account but net of taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Class A ordinary shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of Far Peak’s remaining shareholders and its board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

Far Peak Acquisition Corporation and Bullish announce the termination of proposed business combination

Conducted by Coalition Greenwich on behalf of Bullish, the study explored how investment firms are managing digital assets



CAYMAN ISLANDS — December 1, 2022&nbsp; — A new study examining institutional adoption and management of digital assets by Bullish, a technology company that operates Bullish exchange, found nearly 95% of institutions believe digital assets will become a permanent allocation, with about 70% saying it will occur in the next four years.&nbsp;



The study highlighted that the number and type of institutions trading digital assets such as cryptocurrencies, stablecoins, DeFi tokens, and crypto derivatives, is on the rise, and reflects a mix of investment strategies, including active trading and multi-strategy approaches.&nbsp;



The study found that for almost all traditional firms (97%) regulatory status is a priority in choosing a liquidity/execution partner such as an exchange, brokerage or OTC desk. The report presents findings from a research study conducted between August and October 2022, after the collapse of digital asset prices in the spring and summer. Several different types of institutions, including asset managers, traditional hedge funds, crypto hedge funds/venture capital firms, and market makers participated in the survey. More than half of participants (54%) currently have digital assets under management and 40% are researching. The institutions surveyed were based in North America (46%), Europe (41%) and Asia (13%).



“While long-term conviction in the space remains, we're seeing firms take a more cautious, risk-averse approach when selecting counterparties,” said Danny Balough, who leads product strategy and research at Bullish. “We executed the study after the upheaval in the digital assets sector earlier this year, when the market hit lows, similar to where we find ourselves now. Our questions specifically targeted longer-term investment views with a high degree of granularity, given what we know about the historical volatility of cryptocurrency prices.”



Among the key findings: 



<ul><li>A large number of institutions (76%) in the space are holding cryptocurrencies (e.g., Bitcoin), making cryptocurrencies the biggest portion of crypto assets under management.</li><li>Regulatory status and counterparty risk are the top two listed factors for institutions in choosing an execution and liquidity partner. However, among those who actually manage digital assets today, deepest liquidity available trumps regulatory status as the primary factor for 51% of investors.&nbsp;</li><li>Most professional investors (85%) say it is important to be able to choose liquidity partners who also offer participation in yield opportunities.</li><li>Europe is relatively more engaged with crypto assets, while North America is the most heavily involved with derivatives, reflecting the regulatory uncertainty in the U.S.&nbsp;&nbsp;</li><li>Cryptoassets are favored by those with existing digital asset portfolios while those not currently in the market favor exchange traded-funds or products.</li></ul>



The Bullish exchange, which is operated by Bullish (GI) Limited, is regulated by the Gibraltar Financial Services Commission. It has been launched in 40+ select jurisdictions in Asia Pacific, Europe, Africa and Latin America.



The full report is available <a href="https://be.bullish.com/greenwichreport" target="_blank" rel="noreferrer noopener">here</a>.&nbsp;



Methodology



Coalition Greenwich gathered responses from 100 professional investors at institutions with expertise in digital asset market structure. This research was conducted in August through October 2022, after the collapse in digital asset prices in the spring and summer. Of those respondents, 60% were either actively managing a portfolio of crypto assets or planning to in the next 12–24 months. The study reached several different types of institutions, including asset managers, traditional hedge funds, crypto hedge funds/venture capital firms, and market makers. The institutions were based in North America (46%), Europe (41%) and Asia (13%).

Study: Nearly 95% institutions believe digital assets will become permanent allocation

CAYMAN ISLANDS, NEW YORK — October 31, 2022 — Bullish, a technology company that operates the regulated cryptocurrency trading platform Bullish exchange, and Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, announced the <a href="https://www.sec.gov/Archives/edgar/data/1829426/000119312522272743/d180840dprer14a.htm" target="_blank" rel="noreferrer noopener">filing of an amendment</a> to Bullish’s Registration Statement on Form F-4 with respect to their proposed business combination.



As previously announced on July 8, 2021, Far Peak and Bullish entered into a Business Combination Agreement (the “Agreement”) providing for a business combination in which Bullish would become publicly traded on the New York Stock Exchange. Far Peak and Bullish continue to work diligently in order to facilitate the completion of the business combination.&nbsp;



Subject to various approvals and conditions, including the approval by Far Peak’s shareholders, the business combination is anticipated to close in mid- to late- December 2022. Under the terms of the Agreement, the Outside Date is December 31, 2022. The Agreement will be terminated on December 31, 2022 if the proposed business combination has not been completed on or before this date.&nbsp;

Bullish and Far Peak Acquisition Corp. announce update to business combination

CAYMAN ISLANDS — July 26, 2022&nbsp;— Bullish, a technology company that operates Bullish exchange, one of the fastest growing cryptocurrency exchanges in the world, today announced key milestones for the second quarter of 2022, continuing strong momentum in its early months of operation. Key figures reported in the <a href="http://investor.bullish.com/">business update</a> released today include:&nbsp;



<ul><li>The average daily volume (ADV) on the exchange for 2Q’22 was US$522 million, up from US$167 million in 1Q’22. Bullish saw accelerated growth as ADV reached US$857 million in the month of June 2022.&nbsp;</li><li>The total trading fees and spreads earned in 2Q’22 were US$64 million, up from US$19 million in 1Q’22. For the month of June, the fees and spreads earned were US$37 million.&nbsp;</li><li>The total cumulative trading volume since the exchange launched reached over US$80 billion in July 2022.</li></ul>



The regulated platform, which opened in permitted jurisdictions to select institutional customers in November 2021, and to the public in late December 2021, now has the world’s deepest liquidity for the BTC/USD trading pair. Bullish is also overtaking more established platforms in BTC/USD spot volume, making Bullish a top three exchange by volume for this pair. “Just over six months since launching, the talented and committed global workforce at Bullish has placed the Bullish exchange firmly on the map,” said Thomas Farley, Chairman and CEO of Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, who will serve as the CEO of Bullish upon the completion of the pending business combination between Bullish and FPAC. “We continue to be excited about the Bullish-Far Peak merger and the promising future of the business following a successful closing.”



“Bullish liquidity pool technology has proven itself as a core component of crypto financial markets in a very short period of time,” said Brendan Blumer, Chairman of Bullish. “We believe that further enhancements will continue to widen the gap between Bullish and legacy exchange designs.” Bullish recently introduced proprietary <a href="/news/insights/bullish-offers-worlds-deepest-liquidity-for-btc-usd/">range-bound liquidity pool technology</a> on the platform, which allows the capital within a liquidity pool to be condensed in range closer to the current market price — creating greater bid-offer depth and increased capital efficiency. The exchange continues to innovate on its liquidity pool technology working to create increasingly efficient and customizable liquidity pools. The Bullish exchange, which is operated by Bullish (GI) Limited, is regulated by the Gibraltar Financial Services Commission. It has been launched in 40+ select jurisdictions in Asia Pacific, Europe, Africa and Latin America. The platform brings together the most trusted elements of traditional centralized exchanges with the best, proven innovations of decentralized finance to create a new breed of exchange that benefits both asset holders and traders. As announced on July 8, 2021, Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, and Bullish entered into a Business Combination Agreement (the “Agreement”) providing for a business combination in which Bullish would become publicly traded on the New York Stock Exchange. The combination is anticipated to close in the third quarter of 2022.

Bullish exchange announces 2Q figures, reports 3X increase in ADV since 1Q

Bullish and Far Peak Acquisition Corp. announce extension of outside date for business combination

CAYMAN ISLANDS — May 9, 2022 — Bullish, a technology company that operates the regulated cryptocurrency Bullish exchange, and Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, today announced that they have agreed to extend the outside termination date under their Business Combination Agreement from May 9, 2022, to July 8, 2022 in order to facilitate the completion of the business combination. No other changes were made to the Agreement.&nbsp;



As previously announced on July 8, 2021, Far Peak and Bullish entered into the Agreement providing for a business combination in which Bullish would become publicly traded on the New York Stock Exchange. Subject to various approvals and conditions, including the approval by Far Peak’s shareholders, the business combination is expected to close in late second or early third quarter of 2022.

Bullish and Far Peak Acquisition Corp. announce extension of outside date for business combination to May 9, 2022



CAYMAN ISLANDS — March 8, 2022 — Bullish, a technology company that operates the regulated cryptocurrency Bullish exchange, today announced that for February 2022, average daily trading volume on the exchange was US$213 million and annualized monthly trading revenue was US$97 million.&nbsp;&nbsp;



Since the platform opened in permitted jurisdictions to select institutional customers on November 24, 2021, and to the public in late December 2021, total trading volume on the exchange has reached over US$14 billion. The platform offers five trading pairs, with more token listings expected this year.



Bullish Chairman Brendan Blumer, and Far Peak’s Tom Farley and David Bonanno present further details in a business update video, which is available at <a href="http://investor.bullish.com" target="_blank" rel="noreferrer noopener">investor.bullish.com</a>.



“The response that we’ve seen from institutions has been extremely encouraging,” said Michael Lau, Senior Vice President and Global Head of Sales of Bullish. “We’ve attracted world-class, established trading firms as well as crypto native enterprises, who value our differentiated and predictable liquidity profile, in addition to our institutional-grade platform features.



“We are looking forward to introducing additional tokens, enhancing and adding to the platform, and expanding our geographies to permitted jurisdictions during the remainder of 2022,” he added.



The Bullish exchange has been launched in 40+ select jurisdictions in Asia Pacific, Europe, Africa and Latin America. The trading platform combines the liquidity pool innovation that is popular in decentralized finance (DeFi) with regulatory compliance frameworks, giving institutional and retail traders access to deep liquidity and low-cost transactions. The Bullish exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission.&nbsp;



As previously announced, on July 8, 2021, Far Peak Acquisition Corporation (NYSE:FPAC), a special purpose acquisition company, and Bullish entered into a Business Combination Agreement (the “Agreement”) providing for a business combination in which Bullish would become publicly traded on the New York Stock Exchange.



Bullish and Far Peak today announced that they have agreed to extend the outside termination date under the Agreement from March 8, 2022, to May 9, 2022, in order to facilitate the completion of the business combination. No other changes were made to the Agreement. Subject to various approvals and conditions, including the approval by Far Peak’s shareholders, the business combination is expected to close in the second quarter of 2022.

Bullish exchange reports annualized monthly trading revenue of US$97M in February three months after launch

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