Bullish Crypto Company, SPAC Far Peak End Deal

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Crypto firm Bullish has terminated its IPO plans.

Operator of regulated cryptocurrency trading platform Bullish Exchange and special purpose acquisition company (SPAC) Far Peak Acquisition said in a Thursday, Dec. 22, press release that they have mutually agreed to put an end to their proposed business combination.

Our quest to become a public company is taking longer than expected, but we are SEC compliant [Securities and Exchange Commissions] ongoing work to establish new digital asset frameworks and clarify industry-specific disclosure and accounting complexities, Bullish Chairman and CEO Brendan Blumer said in the statement.

After 18 months of work since announcing their business combination agreement in July 2021, the companies determined that they would not be able to have the bullish registration statement filed on Form F-4 on time. for Far Peak to have its shareholders vote on the proposed business combination. before Dec. 31, when they had agreed that the two companies could terminate the agreement if it had not been consummated, according to the statement.

We are disappointed that we were unable to present the bullish transaction to our Far Peak shareholders, Far Peak President and CEO Thomas Farley said in the statement. The bulls’ achievements since inception 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 gives institutional and retail traders access to deep liquidity and low-cost trading, according to the press release.

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

PYMNTS research found that the pace of SPAC deals involving FinTech companies has slowed to sub-single digits in most verticals.

As PYMNTS reported on Monday (December 19th), SPACs, facing heightened regulatory scrutiny, are being forced to rein in the bullish forecasts that used to lure investors. Not only that, but increased oversight leads to higher operating costs, which lead to lower margins and, therefore, lower returns for investors.

How consumers pay online with stored credentials Convenience drives some consumers to store their payment credentials with merchants, while security concerns give other customers pause. For How We Pay Digitally: Stored Credentials Edition, a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and reveal how merchants can overcome holdouts.

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