Crypto Treasury Firms Hit Setbacks as SPAC Deals Collapse and Stocks Plunge
Updated
Updated · Bloomberg · Jun 18
Crypto Treasury Firms Hit Setbacks as SPAC Deals Collapse and Stocks Plunge
1 articles · Updated · Bloomberg · Jun 18
Summary
Crypto treasury firms trying to go public to buy digital assets are running into mounting setbacks as investor appetite for the model deteriorates.
SPAC routes are breaking down and listed peers’ shares are plunging, undermining a strategy built on raising public money to accumulate crypto.
ReserveOne Inc. — a cryptocurrency asset manager tied to figures including Wilbur Ross — illustrates the pressure facing firms still waiting in the blank-check pipeline.
The strain points to a broader unraveling of a once-popular structure for packaging crypto exposure in public markets amid a sharply hostile backdrop.