Bullish Crypto Company, SPAC Far Peak End Deal

Crypto company Bullish concluded his plan to go public.

The operator of the bullish Exchange regulated cryptocurrency trading platform and the special purpose acquisition company (SPAC) Acquisition of the distant peak said on a Thursday (December 22nd) Press release who have mutually agreed to terminate their proposed business combination.

“Our quest to become a public company is taking longer than expected, but we respect the SEC [Securities and Exchange Commission’s] ongoing work to establish new structures for digital assets and clarify industry-specific accounting and reporting complexities,” Bullish president and CEO Brendan Blumer said in the release.

After 18 months of work since announcing their business combination agreement in July 2021, the companies determined they would not be able to have Bullish’s registration statement on Form F-4 enacted in time for Far Peak to vote. its shareholders on the proposed business combination before Dec. 31, by which time they had agreed both companies could terminate the deal if it were not consummated, according to the news release.

“We are disappointed that we have not been able to present the bullish transaction to our Far Peak shareholders,” Far Peak chairman and CEO Thomas Farley said in the release. “Bullish’s results since its launch have lived up to our expectations and their daily trading volumes highlight their remarkable growth.”

The bullish exchange is available in 50 jurisdictions, operates within regulatory compliance frameworks, and offers institutional and retail traders access to deep liquidity and low-cost transactions, according to the news release.

“I am proud of the dedicated team of Bullish employees and consultants who have dedicated countless hours to ensuring Bullish operates with the highest standards of transparency and accountability,” said Blumer. “This work formed the operational foundation needed to serve our customers in the best and safest way possible.”

PYMNTS research has found that the pace of SPAC offers FinTech company engagement has slowed to low single digits across most verticals.

As PYMNTS reported on Monday (Dec. 19), SPACs, under increased regulatory scrutiny, are under pressure to rein in the optimistic forecasts that have previously attracted investors. Not only that, but more control leads to higher operating costs, which lead to lower margins and, therefore, lower returns for investors.

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Convenience drives some consumers to keep their payment credentials with merchants, while security concerns cause other customers to think. For “How We Pay Digitally: Stored Credentials Edition,” a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 U.S. consumers to analyze the consumer dilemma and reveal how merchants can overcome resistance.

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