Cryptocurrency exchange Bullish and special-purpose acquisition company Far Peak Acquisition Corp. have called off their planned merger. Once valued at $9 billion, it’s the latest digital-asset tie-up to run aground.
(Bloomberg) — Cryptocurrency exchange Bullish and special-purpose acquisition company Far Peak Acquisition Corp.
have called off their planned merger. Once valued at $9 billion, it’s the latest digital-asset tie-up to run aground.
The decision was made by mutual agreement, according to a statement on Bullish’s website.
Both Bullish and Far Peak determined they would be unable to meet a requirement that a registration statement with the Securities and Exchange Commission be declared effective in time to allow for a Far Peak shareholder vote prior to year-end.
Far Peak doesn’t intend to seek a new partner due to time constraints and will wind up operations by March 7, according to the statement.
Far Peak’s Chief Executive Officer Thomas Farley was a previous president of the New York Stock Exchange and had been set to become CEO of Bullish upon consummation of the now-scrapped merger.
The Bullish/Far Peak deal is the latest crypto SPAC tie-up to fail amid concerns at the SEC about accounting issues raised by the new asset class.
Social-investing network eToro terminated its deal with FinTech Acquisition Corp. V in July, and earlier this month stablecoin issuer Circle Internet Financial scrapped its planned merger with Concord Acquisition Corp.
that had once been 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 lay 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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