Crypto exchange Bullish's ambitions for public listing stumble as SPAC deal times out

Quick Take

  • Cayman Islands-based crypto exchange Bullish will not be going public, as the time has run out on its SPAC deal. 

Bullish has ended a SPAC deal that would have brought the crypto exchange onto the New York Stock Exchange.

Cayman Islands-registered Bullish and Far Peak, the acquisition vehicle led by former NYSE leader Tom Farley, put out a joint announcement on the end of the partnership, which they'd originally publicized in July 2021. Far Peak will be shutting down as an entity between now and March 7. 

“Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work,” Bullish CEO Brendan Blumer said in a statement. 

The Securities and Exchange Commission has been increasingly skeptical of both crypto firms seeking public listing and SPAC deals, a streamlined means of public listing that boomed in 2020 and 2021 but have fizzled in the past year.

Circle, a major stablecoin operator, announced the end of its SPAC ambitions earlier this month. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.