The crypto exchange Bullish is in talks to go public via a SPAC merger with fintech-focused acquisition company Far Peak Acquisition Corp, according to a report from Bloomberg citing people familiar with the matter.
Bullish is backed by billionaire investor Peter Thiel, as well as Galaxy Digital and Tokyo-based Nomura Holdings.
Bloomberg reports the deal could value Bullish at up to $12 billion, though the final valuation will largely depend on the price of bitcoin at the time of the deal.
Bullish was announced just last month as a subsidiary of Block.one and was capitalized with over $10 billion in cash and digital assets, including 164,000 bitcoins.
Block.one's bitcoin comes from raising $4 billion in a record-setting initial coin offering that closed in 2018.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.