Peter Thiel-supported cryptocurrency exchange bullish has decided to put its IPO plans on hold.

What happened?: Bullish said Thursday it had reached a mutual agreement with Far Peak Acquisition to no longer pursue a merger that would have listed it on the New York Stock Exchange.

“Our quest to become a public company is taking longer than expected, but we respect the ongoing work of the SEC to establish new frameworks for digital assets and to clarify industry-specific disclosure and accounting complexities,” said Bullish Chairman and CEO Brendan Blumer in an opinion.

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The recent amendment to the July 2021 merger between Bullish and a second company will give the right to terminate the transaction if it cannot be completed by the end of 2022. This is the latest in a string of canceled mergers in the once thriving SPAC sector. Stablecoin issuer just earlier this month Circle pulled out of his Merged with Concord Acquisition.

In addition to Thiel, notable investors in Bullish included billionaire hedge fund tycoons Alan Howard and Louis Bacon.

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