Bullish, the Bitcoin exchange, abandons SPAC merger

The EOS- and Block.one-affiliated cryptocurrency exchange Bullish terminated its reverse merger deal with the SPAC Far Peak Acquisition. This is stated in the platform’s press release.

The company cited the U.S. Securities and Exchange Commission’s efforts “to create new frameworks for digital assets and to clarify industry-specific disclosure and accounting complexities”.

“I am proud of the devoted team of Bullish employees and advisers who have dedicated countless hours to ensure the exchange operates in accordance with the highest standards of transparency and accountability. This has laid the operational foundation necessary to serve our clients as efficiently and safely as possible,” said Brendan Blumer, head of Block.one.

announced about plans to list on the NYSE through a SPAC merger with Far Peak Acquisition. The value of the merged structure was estimated at around $9 billion. Under the terms of the agreement, the parties had the right to terminate the deal if it did not close by 31 December 2022.

Bullish took place in November 2021.  invested $10 billion in the platform. The exchange was also backed by Thiel Capital and Founders Fund Peter Thiel, Galaxy Digital, Nomura, billionaire Alan Howard, and others.

In July 2022, Bullish laid off nearly 30 employees (about 10% of the workforce).

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