• Bullish, a crypto exchange, has called off its planned deal to go public.
• The deal would have seen Bullish merge with special purpose acquisition company (SPAC) Far Peak Acquisition (FPAC).
• Investors in Bullish include Peter Thiel and hedge fund giants Alan Howard and Louis Bacon.
Crypto exchange Bullish recently announced that it has called off its planned deal to go public. The deal would have seen Bullish merge with special purpose acquisition company (SPAC) Far Peak Acquisition (FPAC). However, the most recent amendment to the two firms’ original July 2021 merger agreement allowed for the right to terminate the deal if it couldn’t be completed by the end of 2022.
Bullish Chairman and CEO Brendan Blumer explained that their quest to become a public company has taken longer than expected, and that they respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities.
Bullish is backed by notable investors, such as Peter Thiel and hedge fund giants Alan Howard and Louis Bacon. The Bullish platform handled $857 million in average daily volume in June of this year, according to its most recent investor update.
The news of Bullish’s termination of its merger agreement is the latest in a long line of canceled mergers in the formerly red-hot SPAC arena. Earlier this month stablecoin issuer Circle terminated its merger agreement with Concord Acquisition.
It is still unknown whether or not Bullish will pursue other avenues of going public in the future. However, it is clear that the company and its investors are dedicated to finding a way to make Bullish a publicly traded company. Until then, the crypto exchange will continue to expand its services and keep up with the ever-evolving digital asset industry.