Peter Thiel-backed Crypto Exchange Bullish Calls Off $9B SPAC | C

Peter Thiel-backed Crypto Exchange Bullish Calls Off $9B SPAC Plan

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. SPAC aspirations amid an uncertain regulatory climate for crypto firms.

A SPAC, otherwise known as a “blank check company,” is a company with no business operations and is formed to raise capital via an Initial Public Offering or merging with another firm. In July 2021, Far Peak and Bullish agreed to a merger that would see the crypto exchange publicly traded on the New York Stock Exchange (NYSE).

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