The merger between cryptocurrency firm Bullish and Far Peak Acquisition Corp announced on Thursday has been terminated, making it the latest in a string of blank-check deals to be scrapped due to growing regulatory pressure. The deal, which was valued at $9 billion, was expected to be the largest merger in the crypto industry to date. However, the merger was called off due to the rising scrutiny by the SEC.
Far Peak has made a decision to not pursue a new merger partner due to time and market constraints. Instead, they intend to focus on winding up their operations either on March 7, 2023, or sooner if it is possible. This decision was made in order to ensure the best possible outcome for all involved. The team at Far Peak is working hard to ensure the smooth transition of their operations and to make sure that all stakeholders are taken care of in the process.
Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities
Brendan Blumer – CEO of Bullish
Bullish, a unit of the blockchain software company Block.one, recently received a major investment from billionaire entrepreneur Peter Thiel. The deal would have earned the company nearly $600 million in proceeds. Bullish is a leader in the field of blockchain technology, and this investment is a testament to the company’s success in the industry. It is expected that the investment will allow Bullish to further expand its presence in the blockchain space and continue to be a leader in the field.
We are disappointed that we were unable to present the Bullish transaction to our Far Peak shareholders
Thomas Farley, Chairman and CEO of Far Peak
More about a SPAC
A SPAC, or Special Purpose Acquisition Company, is a type of investment vehicle that is used to facilitate mergers and acquisitions. SPACs are publicly traded entities that go public with the intention of buying an existing private company. Once the target company is identified, the SPAC then completes the acquisition to take the company public. SPACs are typically sponsored by a group of private investors who will raise capital through the sale of their shares, giving them a stake in the company that is being acquired. SPACs provide a quick and efficient way for companies to go public, as the process is much faster than a traditional IPO.
More about Bullish
Bullish is a cutting-edge digital asset exchange that provides customers with reliable, cost-effective liquidity and allows them to earn income through automated market making. Bullish is a regulated exchange that is reliable and secure, offering low spreads and high liquidity, making it a great choice for traders and investors. With automated market making, users can easily create algorithms to trade and earn income without needing to manually manage their trades. Bullish also offers a suite of advanced tools to help users analyze the market and make informed decisions. Overall, Bullish is a great choice for those looking for a secure and reliable digital asset exchange with low fees and great features.
More about Block.one
Block.one is a leading blockchain software firm focused on enabling the development and deployment of high-integrity applications. Through their innovative technology and products, they are helping to revolutionize the way people create, maintain, and secure valuable digital assets. Their goal is to create a world where blockchain technology is used to ensure trust and authenticity, creating a more secure and reliable digital infrastructure. Block.one is committed to providing businesses and individuals with the resources they need to leverage blockchain technology in innovative ways, helping to create an ecosystem of trust and integrity.
More about Far Peak Acquisition Corporation
Far Peak Acquisition Corporation (NYSE: FPAC) is a special-purpose acquisition company focused on mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, and other similar business combinations within the financial technology, technology, and financial services industries. Formed in 2021, FPAC has been created with the goal of providing an avenue for companies in these sectors to access capital markets and pursue their growth strategies. By utilizing a combination of public and private sources, FPAC seeks to create meaningful value for shareholders and provide a platform for companies to reach their full potential.