Thiel-Backed Bullish Scraps Crypto SPAC Deal Set at $9 Billion

(Bloomberg) – Cryptocurrency exchange Bullish and specialized acquisition firm Far Peak Acquisition Corp. canceled their merger plan. Once valued at $9 billion, it’s the latest digital asset tie-up to fail.

The decision was made by mutual agreement, according to a statement posted on Bullish’s website. Bullish and Far Peak determined that they would not be able to satisfy the requirement that a registration statement with the Securities and Exchange Commission be declared effective in time to permit a vote by Far Peak shareholders. Peak before the end of the year.

Far Peak does not intend to seek a new partner due to time constraints and will end operations by March 7, according to the statement. Far Peak CEO Thomas Farley was a former chairman of the New York Stock Exchange and was to become CEO of Bullish upon completion of the now-discontinued merger.

The Bullish/Far Peak deal is the latest SPAC crypto tie-up to fail amid SEC concerns over accounting issues raised by the new asset class. Social investment network eToro has terminated its agreement with FinTech Acquisition Corp. V in July, and earlier this month, stablecoin issuer Circle Internet Financial abandoned plans to merge with Concord Acquisition Corp. which was once valued at $9 billion.

“Our quest to become a public company is taking longer than expected,” said Brendan Blumer, Chairman and CEO of Bullish, in the statement. “But we respect the SEC’s ongoing work to establish new digital asset frameworks and clarify industry-specific disclosure and accounting complexities.”

Bullish was launched in May 2021 by Block.One, a blockchain software company backed by Peter Thiel and hedge fund managers Alan Howard and Louis Bacon.

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