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’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 Bullish’s upcoming 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 CEO. CEO Brendan Blumer will serve as chairman.

Read more: Bullish Set for Public Listing Through $9B Merger With Ex-NYSE President’s SPAC

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 EOS blockchain; others, including billionaire crypto investor Sam Bankman-Fried, suggest Bullish’s real aim is to be a MicroStrategy-esque stock proxy for crypto.