Peter Thiel-Backed Crypto Exchange Bullish Exits SPAC Deal Over New SEC Practices

Peter Thiel-backed cryptocurrency exchange Bullish has decided to put its plans of going public on hold.

What Happened: Bullish said on Thursday that it had come to a mutual agreement with Far Peak Acquisition to no longer pursue a merger that would have seen it listed on the New York Stock Exchange. 

"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 Bullish Chairman and CEO Brendan Blumer in a statement. 

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The latest amendment to the July 2021 merger between Bullish and a second firm will allow the right to terminate the deal if it cannot be completed by the end of 2022. This comes as the latest in a series of canceled mergers in the once-flourishing SPAC sector. Just earlier this month, stablecoin issuer Circle pulled out of its merger with Concord Acquisition.

Notable investors in Bullish besides Thiel included billionaire hedge fund magnates Alan Howard and Louis Bacon.

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