The official statement by Bullish announces that Special Purpose Acquisition Company (SPAC), which raised $550 million in its Initial Public Offering (IPO) led by former New York Stock Exchange (NYSE) President Thomas Farley, will also wind down by March 7
Bullish, the cryptocurrency exchange and Far Peak Acquisition Corp drop off their planned merger which was valued at $9 billion. This would be the latest addition to the deals that fall off due to increasing regulatory policies and recent turbulence in the crypto industry. The official statement by Bullish announces that Special Purpose Acquisition Company (SPAC), which raised $550 million in its Initial Public Offering (IPO) led by former New York Stock Exchange (NYSE) President Thomas Farley, will also wind down by March 7.
Thomas Farley had been set to become the CEO of Bullish after the merger had taken place. The mutual decision to call off the deal comes after both firms realise they would be incapable to meet a requirement that a registration statement with the Securities and Exchange Commission be stated in effect to allow for a Far Peak shareholder vote preceding year-end.
Brendan Blumer, the Chief Executive Officer and Chairman of Bullish stated that the firm’s goal to become a public company is being made a time-consuming process due to regulations of the Securities and Exchange Commission (SEC). “We respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities,” says Brendan Blumer. Far Peak currently does not intend on having a new partner due to the prevailing time restrictions.
Under the terms of the Agreement, both firms would have the right to dismiss the agreement if the transactions had not been completed by December 31, 2022. “I’m proud of the dedicated team of Bullish employees and advisors who have devoted countless hours to ensure Bullish operates with the highest standards of transparency and responsibility. This work has formed the operating foundation required to service our customers in the best and safest possible way,” says Brendan Blumer.
The Chairman and Chief Executive Officer of Far Peak, Thomas Farley, states that the firm was dissatisfied with not being able to present Bullish transactions to the Far Peak shareholders. “Bullish’s accomplishments since its launch have lived up to our expectations, and their daily trading volumes highlight their remarkable growth. I am a big believer in Bullish’s talented team, their vertically integrated approach to exchange liquidity, and their unwavering commitment to regulation, and the highest standards of industry transparency,” says Thomas Farley.
The deal between both firms is the latest to fail amidst concerns at the securities and exchange commission about the accounting concerns raised by the asset class. Earlier, social investing network eToro walked away from its deal with Fintech Acquisition Corp. Circle Internet Financial also canceled its planned $9 billion deal with Concord Acquisition Corp.
Bullish was launched in 2021 by a blockchain software company backed by Peter Thiel and hedge fund managers Alan Howard and Louis Bacon called Block. One. The trading platform is regulated by the Gibraltar Financial Services Commission and managed by Bullish (GI) Limited. The crypto exchange is available in 50+ jurisdictions, leverages inventive use of AMM Instructions, and works within regulatory frameworks, giving retail and institutional traders access to low-cost and deep liquidity transactions.