SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>If 2021 was the year when crypto SPACs became mainstream, 2022 was the year of what could have been.</li><li>This week, Peter Theil-backed crypto exchange Bullish finally called it quits on its $9 billion merger with Far Peak Acquisition Corp, nearly seventeen months after announcing the transaction in July 2021.</li><li>Bullish isn’t the only though; several large Crypto SPAC transactions, like Circle, Roxe, and eToro, have all been called off their mega-mergers this year due to regulatory hell.</li></ul>

If 2021 was the year when crypto SPACs became mainstream, 2022 was the year of what could have been.This week, Peter Theil-backed crypto exchange Bullish finally called it quits on its $9 billion merger with Far Peak Acquisition Corp, nearly seventeen months after announcing the transaction in July 2021.Bullish isn’t the only though; several large Crypto SPAC transactions, like Circle, Roxe, and eToro, have all been called off their mega-mergers this year due to regulatory hell.

What Will Crypto SPACs Look Like in 2023?

Thematic (Sector/Industry)

<ul><li>With cryptocurrency prices skyrocketing over 10x since 2020, a host of mining companies, including PrimeBlock, Core Scientific, BitFuFu, Bitdeer, Griid, and Cipher Mining, have either announced or made their public market debuts through SPAC mergers.</li><li>Surging crypto prices, combined with a shortage of ASIC miners (cryptocurrency mining equipment), meant that investors chose to pursue publicly traded mining stocks as an alternative to pursuing the profitable opportunity.</li><li>However, several factors could dampen the interest in crypto mining companies going forward, including fears of extended crypto winter, heightened regulatory scrutiny regarding mining practices, and deteriorating sales &amp; margins.</li></ul>

With cryptocurrency prices skyrocketing over 10x since 2020, a host of mining companies, including PrimeBlock, Core Scientific, BitFuFu, Bitdeer, Griid, and Cipher Mining, have either announced or made their public market debuts through SPAC mergers.Surging crypto prices, combined with a shortage of ASIC miners (cryptocurrency mining equipment), meant that investors chose to pursue publicly traded mining stocks as an alternative to pursuing the profitable opportunity.However, several factors could dampen the interest in crypto mining companies going forward, including fears of extended crypto winter, heightened regulatory scrutiny regarding mining practices, and deteriorating sales &amp; margins.

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

<ul><li>Power &amp; Digital Infrastructure Acquisition Corp. (XPDI) shareholders approved its merger with Core Scientific</li><li>Vistas Media Acquisition Company Inc. (VMAC) shareholders approved its merger with Anghami</li><li>ACE Convergence Acquisition Corp. (ACEV) announces a $200M convertible note consisting of $175M in new financing from Oaktree and $25M from an ACE investment partner</li></ul>

Power &amp; Digital Infrastructure Acquisition Corp. (XPDI) shareholders approved its merger with Core ScientificVistas Media Acquisition Company Inc. (VMAC) shareholders approved its merger with AnghamiACE Convergence Acquisition Corp. (ACEV) announces a $200M convertible note consisting of $175M in new financing from Oaktree and $25M from an ACE investment partner

United States

Core Scientific, Inc. provides information technology services. The Company offers blockchain and artificial intelligence infrastructure, digital asset self-mining, managed hosting, and technology support services. Core Scientific serves customers in the United States.

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Core Scientific (CORZ US)

What Will Crypto SPACs Look Like in 2023?

Bullish isn’t the only though; several large Crypto SPAC transactions, like Circle, Roxe, and eToro, have all been called off their mega-mergers...

subSPAC

Digital Gold Rush

The current environment parallels that of the bear market seen in digital assets in 2018. The Global Cryptocurrency Market Cap has fallen from...

subSPAC

The Nightcap from SPAC Track

Power & Digital Infrastructure Acquisition Corp. (XPDI) shareholders approved its merger with Core Scientific. Vistas Media Acquisition Company...

SPAC Track

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