Bullish, a cryptocurrency exchange backed by a group of billionaires, is in talks to merge with Far Peak Acquisition, Bloomberg reports, citing people familiar with the matter.
The blank-check company is discussing a deal that could value Bullish at as much as $12 billion, the people said, asking not to be identified discussing confidential information. The final valuation could change depending on the price of Bitcoin.
An agreement could be reached within the next few weeks, the people said. The SPAC has already received interest from investors about taking part in a PIPE to help fund a deal.
Far Peak is led by ex-NYSE Group President Tom Farley, and David Bonanno, a former managing director at Daniel Loeb’s hedge fund Third Point. It raised about $550 million in a December IPO to target fintech companies.
Bullish was launched in May by Block.one, a blockchain software company backed by billionaire Peter Thiel and hedge fund managers Alan Howard and Louis Bacon. Read more.
