If crypto companies involved in existing SPAC deals want to proceed, they’re going to need to reprice them to reflect current market comps, Peter Stoneberg, managing director at M&A firm Architect Partners, told CoinDesk.
“SPACs overall have been very volatile and on a downward trajectory,” Stoneberg said. “There’s not a lot of capital out there for mining companies right now or for SPACs. The private investment in the public equity (PIPE) market was “very active, but today it’s pretty much dead.”
Here are crypto SPAC deals investors are watching:
- Circle, the backer of the USDC stablecoin, and its combination with Concord Acquisition Corp. (CND). The parties reached a new agreement with an initial outside date of Dec. 8, with the potential to extend to Jan. 31, 2023, under “certain circumstances.”
- Miner PrimeBlock with 10X Capital Venture Acquisition Corp. II (VCXA), in a deal expected to close in the second half of the year.
- Miner Bitdeer and Blue Safari Group Acquisition Corp. (BSGA), in a deal that was recently extended.
- Bitmain-backed miner BitFuFu and Arisz Acquisition Corp. (ARIZ), which is expected to list on the Nasdaq in Q3.
- Miner Griid Infrastructure and Adit EdTech Acquisition Corp. (ADEX), originally expected to close in Q1.
- Coincheck, one of Japan’s largest crypto exchanges, with Thunder Bridge Capital Partners IV. The deal is expected to be completed in the second half of this year.
- Investing platform eToro Group and FinTech Acquisition Corp. V (FTCV). The deal has a June 30 termination date.
- Crypto investment platform Bullish and Far Peak Acquisition Corp. (FPAC), with an outside termination date that was recently extended to July 8.
- Digital asset trading network Apifiny Group and Abri SPAC I, expected to close in Q3. Read more.
