Bullish Terminates SPAC Merger Deal, Ends Its Public-Listing Ambition

The cryptocurrency exchange Bullish has terminated its merger with the special purpose acquisition company (SPAC), Far Peak Acquisition Corporation (NYSE: FPAC), which ends its public-listing ambition.

The transaction was originally announced on 8 July 2021 and was mutually agreed by both parties to be terminated. If it realized, Bullish would have become a publicly traded cryptocurrency exchange on the New York Stock Exchange.

Bullish, the Gibraltar based and licensed cryptocurrency exchange, launched its services in December last year. Targeting eligible users and institutions in some Asian-Pacific, Europe, African, and Latin American jurisdictions, it witnessed an average daily volume of $857 million in June this year and was backed by angel investors like Peter Thiel and hedge fund giants Alan Howard and Louis Bacon.

"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 the Chairman and CEO of Bullish, Brendan Blumer.

"We are disappointed that we were unable to present the Bullish transaction to our Far Peak shareholders," said Thomas Farley, the 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," added Farley.

According to reports, the SPAC will wind up by 7 March 2023 and never seek any new merger partner.

Besides Bullish, several other crypto companies have also ended their ambitions to go public through SPAC merger. This month, Circle terminated SPAC merger deal​ and canceled its public-listing plan.