Peter Thiel-Backed Crypto Exchange Bullish Calls Off SPAC Deal

Far Peak Acquisition and Bullish agreed to a merger in July 2021.

AccessTimeIconDec 22, 2022 at 9:26 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC

Crypto exchange Bullish has called off its planned deal to go public.

"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, referring to the Securities and Exchange Commission.

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  • Bullish had planned to go public via a merger with special purpose acquisition company (SPAC) Far Peak Acquisition (FPAC).

    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.

    Among investors in Bullish are Peter Thiel and hedge fund giants Alan Howard and Louis Bacon.

    It's 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.

    The Bullish platform handled $857 million in average daily volume in June of this year, according to its most recent investor update.




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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Stephen  Alpher

    Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.