Bullish Global, a cryptocurrency exchange backed by a group of billionaires, is in talks to merge with special purpose acquisition company Far Peak Acquisition Corporation (NYSE:FPAC), according to 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, the people said.

An agreement could be reached as soon as the next few weeks, the people said. The SPAC has already received interest from investors about taking part in a private investment in public equity transaction to help fund a deal. The size of the so-called PIPE could extend into the hundreds of millions of dollars, according to the people.

Negotiations are ongoing, and there's no certainty they will result in a transaction, the people said. Representatives for Block.one and Far Peak declined to comment.