These special purpose acquisition companies should stay on the list of investors looking to get into the cryptocurrency game.
The rising value of Bitcoin and media coverage of the cryptocurrency may have prepared the industry for startups to go public this year. One of the ways companies working in the cryptocurrency industry can go public may be through a special purpose acquisition company (SPAC).
Coinbase is considering an initial public offering (IPO) in 2021, but could also be a candidate for a SPAC deal. Here are some SPACs that may target cryptocurrency companies or have announced such deals.
Goldman Sachs acquires holdings II GSAH
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: SPAC parent company Goldman Sachs
Raised over $700 million in its offering. It has been linked to eToro after the latter discussed a possible IPO with Goldman Sachs. There is also news that the investment group is exploring an imminent entry into the cryptocurrency market, which could mean it seeks fractional ownership of companies related to the space through the SPAC.
Burgundy Technology Acquisition Company BTAQ
: Led by the former CEO of HP and SAP SE
, the company’s focus is on technical or commercial software. The company has identified Israel as a focus area, which could make eToro a potential target for the SPAC.
Lefteris acquires companies
: For the financial technology (fintech) space, this SPAC could merge with a cryptocurrency-focused company. The management team includes former board members of TD Ameritrade and Etrade. Asiff Hirji, a businessman close to the SPAC, served as Coinbase’s chief operating officer from December 2017 to June 2019. Meanwhile, the executive has been president of blockchain startup Figure for a year.
: This Ribbit Capital SPAC targets a company in the fintech space. Ribbit Capital is an investor in several hitherto unlisted fintech companies, including Coinbase and Robinhood. Led by two current Ribbit Capital executives, the SPAC could consider launching a company in the crypto space.
Yuanfeng acquisition company CAPF
: This company has former NYSE president Tom Farley as its CEO and may be a SPAC with its sights set on cryptocurrency companies. The New York Stock Exchange invested $75 million in Coinbase in 2015, an investment believed to be the largest ever made by a bitcoin company at the time. That same year, the stock market also launched a Bitcoin index. By then, Farley has called cryptocurrencies a “growth market” and may still be bullish on the industry.
VPC Impact acquires holding HIV
: Shares of the SPAC surged after reports that it was acquiring cryptocurrency operator Bakkt. The two companies officially announced that the merger will be carried out at a valuation of $2.1 billion. Bakkt launched the first regulated bitcoin futures market and the first fully regulated options contracts on the virtual currency. SPAC shareholders will own 8% of the new company. Intercontinental Exchange
After the merger transaction is completed, it will own 65% of Bakkt’s shares.
Diginex EQOS 0.88%
: The former SPAC, now traded under the name Diginex, is the first complete digital asset ecosystem to include a Nasdaq-listed cryptocurrency trader. The company was under $10 before merging with the SPAC until December, when it was considered a consideration for participating in the bitcoin space. Diginex offers cryptocurrency trading and over-the-counter (OTC) trading, and this month launched a derivative product for bitcoin perpetual futures contracts. The company plans to expand from Europe and Asia to the US market.