Story Highlights – Webull is on track to go public through merger with SK Growth Opportunities Corp – The brokerage outfit blamed crypto exposure for initial setback – Despite its claims, more traditional brokerages are embracing crypto Webull IPO is advancing uniquely as the Digital brokerage firm is now looking to go public through a merger with a Special Purpose Acquisition Company (SPAC) called SK Growth Opportunities Corp.Webull IPO: The SEC Uncertainty Webull confirmed its agreement with SK Growth Opportunities to list its shares on the Nasdaq stock exchange.Consequently, the joint company will get a pro forma enterprise value of about $7.3 billion.In the long run, the SPAC deal with SK Growth Opportunities is expected to pull in as much as $100 million into the ecosystem.Notably, Webull currently has an estimated 20 million registered users across over 15 countries worldwide.It also has $370 billion worth of equity notional volumes, according to its published statement.Webull subscribed to this merger strategy after its several attempts to list in the United States through an Initial Public Offering (IPO) were hampered by the online brokerage offering cryptocurrency to its users.The group president and U.S.
CEO of Webull Anthony Denier, explained that the failed attempts were due to some reasons including crypto exposure which happens to be the latest.In Denier’s opinion, the [U.S.SEC has been quite unfriendly to crypto projects](https://coingape.com/sec-faces-lawsuit-accusing-overreach-in-crypto-regulation/).Webull Overwhelmed by Regulatory Challenges Denier backtracked on the plans when Webull introduced crypto trading on its platform in 2020.
Recommended Articles The crypto listing was performing excellently as it gained a significant market share from top competitors like [Robinhood Markets Inc](https://coingape.com/robinhood-connect-joins-forces-with-metamask-for-crypto-trading/).However, the third quarter of the same year saw the firm pull off this crypto service.
The company sold off its digital asset business and also removed its crypto offerings from its platform globally.Denier mentioned that the move was prompted by overwhelming [regulatory challenges](https://coingape.com/sec-chair-gensler-leads-push-for-stricter-rules-on-spacs/) with the authorities.
Specifically, Webull was not certain of how the agency expected registered broker-dealers to operate in the blooming crypto ecosystem.The decision to choose a SPAC deal rather than a traditional IPO was carefully considered by the online brokerage firm.For Denier, it “allows us to come to an agreement with the SPAC for valuation upfront rather than valuation at the end of the process.” Webull plans to have the shares trading on the Nasdaq by the second half of this year, but before that the takeover must be completed before September as an extension of the deadline may no longer be feasible.[Snowden Predicts National Govt to Buy Bitcoin This Year Secretly](https://coingape.com/snowden-predicts-national-govt-to-buy-bitcoin-this-year-secretly/) [Bitcoin Staking Protocol Babylon Initiates Testnet Phase](https://coingape.com/bitcoin-staking-protocol-babylon-initiates-testnet-phase/) [Bitcoin (BTC) Price: MicroStrategy’s Unrealized Profit Hits $5.7B High](https://coingape.com/bitcoin-btc-price-microstrategys-unrealized-profit-hits-5-7b-high/) [Toncoin (TON) Price Soars 35% On Telegram Advertising Platform Launch](https://coingape.com/toncoin-ton-price-soars-35-on-telegram-advertising-platform-launch/) [Web3 Staking Hub ContributionDAO Raises $2.8 Million To Expand Into Southeast Asia](https://coingape.com/web3-staking-hub-contributiondao-raises-2-8-million-to-expand-into-southeast-asia/) [Will Market Recovery Push TRON Price Rally to $0.18 In March?](https://coingape.com/markets/will-recovery-tron-price-rally-to-018-march/) [Here’s Why Polygon Price (MATIC) Is Poised For 25% Surge Ahead](https://coingape.com/markets/heres-why-polygon-price-is-poised-for-25-surge/) [Bitcoin Price Prediction: As $750M Rushes Into ETFs, Here’s Why BTC Could Top $70,000 Pre-Halving](https://coingape.com/markets/bitcoin-price-prediction-3/) [Aptos Price Forecast: Is $20 Price Target Imminent Amid zkME Partnership Boost?](https://coingape.com/markets/aptos-price-forecast-is-20-price-target-imminent-amid-zkme-partnership-boost/) [Is Shiba Inu Price Heading to $0.000012? This Chart Pattern Hints End-of-Correction](https://coingape.com/markets/is-shiba-inu-price-to-0-000012-hints-end-correction/).
