Bullish · NYSE:BLSH

Bullish — SPAC Merger (March 2022)

11 slides from Bullish's SPAC merger presentation, Mar 8, 2022

  1. Slide 1: Bullish Business Update

    Bullish Business Update © Bullish 2022, proprietary and confidential 01

  2. Slide 2: Disclaimer and Risk Factors

    Bullish Business Update Disclaimer and Risk Factors The information provided in this presentation pertaining to the proposed business combination (the “Business Combination”) between Far Peak Acquisition Corporation (“FPAC”) and Bullish Global (together with its subsidiaries, “Bullish”) is for infor

  3. Slide 3: Disclaimer and Risk Factors: Use of Non-IFRS Financial Matters

    Bullish Business Update Disclaimer and Risk Factors Use of Non-IFRS Financial Matters This presentation, including the Illustrative Model, includes certain financial measures not presented in accordance with International Financial Reporting Standards ("IFRS") with respect to Bullish’s expected futur

  4. Slide 4: Disclaimer and Risk Factors: Certain Risks Applicable to Bullish

    Bullish Business Update Disclaimer and Risk Factors Certain Risks Applicable to Bullish Bullish is subject to a broad spectrum of risks and uncertainties that may lead to actual events, results or performance to differ materially from what is represented in this presentation. Key risk factors includ

  5. Slide 5: Building a track record of execution

    Bullish Business Update Building a track record of execution In July 2021, Bullish announced its intention to go public on the NYSE pursuant to a Business Combination with Far Peak, as well as other future milestones: 01 Launch an invite-only private pilot for Institutional DONE 3,300+ retail and in

  6. Slide 6: Exchange volumes and revenue growth

    Bullish Business Update Bullish Exchange volumes and revenue growth Monthly average daily volume (ADV) by pair (US$m) Annualized monthly trading revenue by pair (US$m) Note: ▪ Annualized monthly trading revenue represents transaction revenue (excluding margin and miscellaneous fees) generated during

  7. Slide 7: Exchange BTC/USD volumes

    Bullish Business Update Bullish Exchange BTC/USD volumes February 2022 BTC/USD Spot Volumes (US$m) Bullish Exchange already a significant player in the BTC / USD trading pair with meaningful room to grow Note: ▪ Bullish Data sourced from internal reporting; non-Bullish Data sourced from CryptoCompare

  8. Slide 8: How Bullish generates revenue

    Bullish Business Update How Bullish generates revenue Bullish generates revenue from liquidity pool trades, peer to peer trades, and margin loan interest, which is then split between the Bullish Exchange and liquidity pool depositors (including Bullish) Liquidity pool trades Peer to peer trades Marg

  9. Slide 9: Fundamental drivers of the Bullish Exchange

    Bullish Business Update Fundamental drivers of the Bullish Exchange Bullish Liquidity Pool Customer acquisition returns Direct outreach and strategic partnerships Higher More New token listings revenue third-party deposits New geographies Product development Increased Greater Pipeline for trading an

  10. Slide 10: Appendix

    Appendix © Bullish 2022, proprietary and confidential 10 10

  11. Slide 11: Illustrative P&L Sensitivity Detail

    Bullish Business Update Illustrative P&L Sensitivity Detail A Liquidity Pool Size $9,733,984 $9,733,984 $9,733,984 $9,733,984 $9,733,984 $9,733,984 INPUTS B Liquidity Pool ADV $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 Bullish Portion of Liquidity Pool 55% Liquidity Pool ADV as

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