Bullish, a cryptocurrency firm, and Far Peak Acquisition Corp., a special purpose acquisition company (SPAC), have called off a $9 billion merger, reported Reuters.

Backed by billionaire entrepreneur Peter Thiel, Bullish is a unit of the blockchain software company Block.One. According to Reuters, the deal would have provided the company with nearly $600 million in proceeds. The SPAC, which raised $550 million in its initial public offering and is led by former NYSE president Thomas Farley, will also wind down by March 7, reported Reuters.

“Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities,” says Brendan Blumer, Bullish CEO.