Peter Thiel-Backed Exchange Bullish Is in Talks to Go Public in SPAC Merger: Report
The news comes just a month after the announcement of Bullish's launch.
![Peter Thiel](https://www.coindesk.com/resizer/uyNnvCR9XONaqb51jDHt_5PrqSY=/567x381/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5RGREG3RBREQFJ26BC6C4EURGE.jpg)
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.