Thiel-Backed Crypto Exchange Eyes Debut Amid Regulatory Delays

Crypto exchange Bullish is eyeing a public debut in the second quarter after regulatory delays kept the company backed by billionaires Peter Thiel and Richard Li from merging with a special purpose acquisition company and listings shares at the end of last year.

Bullish extended the March deadline for its $9 billion tie-up with Far Peak Acquisition Corp. to May on Tuesday as the agreement still awaits approval by the U.S. Securities and Exchange Commission. The deal is among a slew of crypto firms merging with SPACs that have been slowed down by regulatory reviews, including stablecoin operator Circle and Israeli crypto platform operator eToro Group. Setting up the exchange has been “hectic,” according to Tom Farley, chief of Far Peak and expected CEO of the combined company.