Bullish Crypto Exchange News: Is a SPAC Merger Coming for Peter Thiel’s Bullish?

Today, the Peter Thiel-backed Bullish crypto exchange is making headlines. Indeed, its days as a privately held cryptocurrency exchange appear to be nearing an end. That is because Bullish is reported to be in SPAC merger talks with Far Peak Acquisition (NYSE:FPAC).

A close-up shot of the concept for a cryptocurrency exchange page.

Source: PixieMe / Shutterstock.com

Bullish is an intriguing crypto exchange in that a group of billionaires came together to launch it. Back in May, it was reportedly launched by Bock.one. For those unfamiliar, this is a blockchain company backed Peter Thiel, as well as Alan Howard and Louis Bacon. Block.one reportedly capitalized Bullish with $10 billion in liquidity to support its digital assets and cash needs.

Indeed, this is one of the biggest recent launches of a crypto exchange, and is getting a lot of buzz for good reason.

Let’s dive into what investors need to know about this potential SPAC deal.

Details of Bullish Crypto Exchange SPAC Talks

Right now, Bullish and Far Peak appear to be in talks. No formal press releases are circulating as of yet.

However, initial estimates are that Bullish could fetch a valuation as high as $12 billion. Indeed, where the price of Bitcoin (CCC:BTC-USD) and other cryptocurrencies are trading prior to the launch will drive this valuation higher or lower. Currently, Bitcoin is in a bit of a tailspin. This leading cryptocurrency has lost roughly 50% of its value in a few weeks.

Accordingly, investors will certainly keep a close eye on how this deal unfolds. Volatility has led to other crypto exchanges taking a valuation hit in recent weeks. Indeed, competitor Coinbase (NASDAQ:COIN) saw its valuation drop substantially post-IPO. Indeed, how much appetite investors have for holding these crypto exchanges remains to be seen. It’s a relatively nascent market with rapidly fluctuating valuations.

That said, it appears this SPAC is receiving significant interest from investors looking to take part in the PIPE financing of this transaction. If all the details get sorted out, those close to the deal believe an agreement could be on the table within the next few weeks.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/06/bullish-crypto-exchange-news-is-a-spac-merger-coming-for-peter-thiels-bullish/.

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