The Bitcoin treasury deals that dominated the early months of last year’s SPAC revival disappeared with the plunge in Bitcoin prices. Bitcoin peaked in October and has since fallen roughly 50 percent, and by yearend only 11 percent of the 144 SPACs that went public in 2025 were Bitcoin treasury deals, according to SPACInsider. The two most-hyped deals, which had sealed mergers in what is called a DeSPAC, have collapsed in value. Kristi Marvin of SPACInsider said the Bitcoin treasury companies don’t work anymore and that the deals are stalled or not happening.
During the summer, Cantor Equity Partners was the best performing SPAC, trading at multiples of its IPO price of $10. The stock jumped to $49 before Cantor inked a deal with Twenty One Capital, backed by Tether and SoftBank. The merger was completed in December, and the stock has been sliding, trading under $6.00 per share on Monday. The IPO was sponsored by Cantor Fitzgerald, which is already a big player in the crypto world as it holds Treasury securities for Tether, the world’s largest stablecoin issuer.
Crypto bull Pompliano also launched a Bitcoin treasury SPAC last year that was temporarily hot, the SPAC ProCap Financial, which jumped on the news it would merge with Columbus Circle Capital, but traded around $2.39, far below its $10 IPO price. Following Cantor Equity Partners, Cantor offered another SPAC that planned to merge with a crypto company; a third SPAC said it would look for a fintech partner, and the fourth was for consumer staples, with the next three not yet defined. “A Bitcoin treasury SPAC doesn’t look so good now,” Marvin said, adding that she wasn’t sure about six months from now. She noted that one recently announced SPAC IPO did offer a twist: 10 percent of its trust account would be holding Bitcoin, and Subversive Bitcoin said it will focus on companies in the cryptocurrency and blockchain technology sectors.
Leave a Reply