Bullish, a crypto exchange platform launched by Block.one and backed by a group of billionaires, is believed to be in talks to merge with Far Peak Acquisition Corp., as reported by Bloomberg on Wednesday, June 23. 

According to Bloomberg’s reliable sources familiar with the matter, Peter Thiel-backed Bullish merger talks with Far Peak Acquisition Corp. could allegedly value Bullish at as much as $12 billion.

As both representatives for Block.one and Far Peak declined to comment on the ongoing negotiations, everything is still up in the air and left to speculation. The valuation for the merger could change depending on Bitcoin’s price. The traditionally highly volatile market has recently been experiencing record drops, and some of the best Bitcoin exchanges have been hard-hit by its price plunge. 

Even though no official press releases have been issued yet, the agreement is expected to be reached within the next few weeks, according to Blomberg’s source. Far Peak is already receiving inquiries from investors interested in participating in a private investment in a public equity transaction, which has led some observers to speculate that the value of this investment could reach hundreds of millions of dollars. 

Far Peak is a special purpose acquisition company that deals with mergers, capital stock exchange, stock purchase, asset acquisition, and similar businesses in the field of finance. The firm is oriented toward companies with high prospects for revenue growth. Far Peak’s shares raised by 5.5% in a single day on Wednesday, hitting a record intraday high.

Cryptocurrency exchange Bullish was launched in May 2021 by Block.one, a blockchain software company, and prominent investors Peter Thiel, Louis Bacon, Alan Howard, and others. A groundbreaking deal with Far Peak would mark another step on Block.one’s path to establish a decentralized crypto exchange.