Crypto Exchange Bullish Scraps $9 Billion SPAC Plan: What Happened?

Big news in the crypto world: the Peter Thiel-backed cryptocurrency exchange Bullish has cancelled its $9 billion merger with special-purpose acquisition company (SPAC) Far Peak Acquisition Corp. This comes after Stablecoin issuer Circle and special-purpose acquisition company (SPAC) Concord Acquisition Corp. mutually terminated their merger once valued at $9 billion, raising questions about the viability of SPAC deals in the current market.

Bullish and Far Peak Call Off $9 Billion Merger

The Peter Thiel-backed crypto exchange Bullish and special purpose acquisition company (SPAC) Far Peak Acquisition Corporation have mutually agreed to call off their planned merger. This deal, initially valued at $9 billion, would have seen Cryptocurrency exchange Bullish make an announcement that it planned to go public on the New York Stock Exchange through a merger with Far Peak Acquisition Corp.

Why Did the Bullish SPAC Deal Fall Through?

While the specific reasons for the termination haven't been fully disclosed, factors like market volatility, regulatory uncertainty surrounding the crypto industry, and shifting investor sentiment towards SPACs likely played a significant role. Bullish was initially set to merge with ex-NYSE exec’s SPAC – Far Peak, with the merged company projected to have a pro forma equity value of $9 billion, equal to the value of $10 per share. However, the deal faced delays and ultimately, both parties decided to move in different directions.

What's Next for Bullish?

The cancellation of the $9 billion SPAC plan leaves Bullish's future plans for going public uncertain. It remains to be seen whether the company will pursue a traditional IPO, explore alternative funding options, or revisit the SPAC route in the future. The implications for the broader cryptocurrency market and the appetite for SPAC mergers with crypto companies are also being closely watched.