Značka: SPAC

Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth

Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth

podľa | dec 1, 2022 | 0 |

According to a new filing with the U.S. Securities and Exchange Commission on Dec. 1, crypto ATM operator Bitcoin Depot said it “remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp.”The merger with the special purpose acquisition vehicle, or SPAC, is scheduled to occur in the first quarter of 2023, subject to shareholder and regulatory approval. Bitcoin Depot estimates that the deal will infuse the company with up to $170 million in cash proceeds net of debt repayment. In its earnings report for year-to-date financials that ended Sept. 30, released the same day, Bitcoin Depot disclosed that its revenue grew by 25.25% year over year to $497.2 million. However, the company barely broke even with $4.622 million in net income compared to $9.587 million for the first nine months of 2021, partly due to a sharp increase in interest expense. Commenting on the results in the context of the recent market turmoil, Brandon Mintz, CEO, and founder of Bitcoin Depot, stated:”We believe we stand apart from the industry with limited direct crypto exposure, robust compliance procedures and secure transactions that give users control of their purchased crypto, compared to other methods of transacting in crypto where users rely on third parties to custody their crypto.”Founded in 2016, Bitcoin Depot is currently the largest Bitcoin ATM operator in North America, with over 7,000 kiosks and a 19% market share in the U.S. On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger to take Bitcoin Depot public on the U.S. Nasdaq exchange under the ticker symbol BTM.

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Blockchain cloud infrastructure company W3BCloud to go public via $1.25B SPAC

Blockchain cloud infrastructure company W3BCloud to go public via $1.25B SPAC

podľa | aug 1, 2022 | 0 |

On Monday, W3BCloud, a firm building global data centers for the Web3 and blockchain sectors, announced that it was going public via a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I. ‍Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust and has received commitments from AMD, ConsenSys, SK Inc., and others for an additional $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion. Last year, W3BCloud’s seven data centers, all of which are located in the United States, generated $40 million in sales, with 85% operating on renewable energy. Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently serves on W3BCloud’s board of directors. The firm is tailored to th storage, staking, and computing infrastructure in anticipation of a Web3 boom, projecting 685% growth in its revenue in 2023 compared with 2021.Related: Decentralized storage providers power the Web3 economy, but adoption still underwayW3BCloud targets decentralized finance, nonfungible tokens and Metaverse projects, as well as tech firms seeking to enter the blockchain space as its core clients. Crypto projects such as Ethereum, Solana, Alchemy, Filecoin, Lido Finance and others all use its data center services. Historically, its decentralized computing and bandwidth segment has generated most of its revenue. Regarding the development, W3BCloud CEO Sami Issa said:”This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy’s anticipated significant growth.”

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Crypto focused SPAC raises $115M in Nasdaq IPO

Crypto focused SPAC raises $115M in Nasdaq IPO

podľa | apr 20, 2022 | 0 |

Aura FAT Projects Acquisition Corp. (AFARU), a special purpose acquisition company (SPAC), has closed its IPO on Nasdaq and raised $115 million, with a focus on crypto industry assets.The Cayman Islands-incorporated SPAC raised an impressive $100 million during its April 13 initial public offering (IPO) plus an over-allotment of $15 million, bringing its total to $115 million according to an announcement from the firm on April 19.It also has funding from sponsorships with Singapore-based financial services firms Aura Group and Fat projects. The SPAC’s website states that it has a presence in Australia, New Zealand, Singapore, Indonesia, Vietnam, Thailand, Malaysia, and the Philippines.Aura FAT will target acquisitions in the blockchain sector as it has a stated interest in emerging technology companies that deal with Web3, crypto, digital ledger, and e-gaming assets. On April 1, the Bitcoin (BTC) mining company PrimeBlock announced its merger with the 10x Capital Venture Acquisition Corp II SPAC. The merger is valued at $1.3 billion and will make PrimeBlock a publicly traded company.Related: Self-regulatory organizations growing alongside new US crypto regulationLate in March, the Thunder Bridge Capital Partners IV SPAC merged with the Japanese crypto exchange Coincheck to form the Conicheck Group N.V. The merger is valued at $1.25 billion and is expected to be listed on Nasdaq in the second quarter of this year.

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Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

podľa | apr 1, 2022 | 0 |

On Friday, Bitcoin (BTC) mining company PrimeBlock announced that it is merging with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II. The deal places PrimeBlock at an enterprise value of $1.323 billion and is expected to close in the second half of the year.The company has installed 1.8 exahash per second of BTC self-mining equipment, accounting for approximately 0.89% of the Bitcoin network’s overall hash rate. According to PrimeBlock, its break-even price for mining is $9,000 per coin. Back in 2020, up to 59% of its energy sources were carbon-free. The firm seeks to become carbon-neutral on a net-zero basis by the year 2050.Last year, PrimeBlock brought in $21.8 million in revenue through mining 356.8 BTC. But in 2022, the firm expects to generate $220.1 million in revenue, or a forecasted 3,629 BTC, partly via rapidly expanding its mining capacities to over 10 exahash per second. It also has a small Ethereum (ETH) mining operation, extracting 699 of such digital assets in 2021.Regarding the business agreement, Hans Thomas, chairman and CEO of 10X Capital, commented:”Gaurav and the leadership team […] have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. They have built strong relationships with key partners […] with a commitment to net-zero carbon emissions by 2050.”

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Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle

Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle

podľa | jan 14, 2022 | 0 |

Cathie Wood’s Ark Invest has reportedly purchased 6.93 million shares of the special purchase acquisition company, or SPAC, that is merging with Circle, for $70.6 million through the company’s ARK Fintech Innovation exchange-traded fund (ETF). This purchase would represent a new position for the ETF, according to MarketWatch. Ark Invest’s ETFs have a history of bold purchases within the tech industry as indicated by their move to buy $80 million in Robinhood shares after the prices dipped back in October 2021. Wood is also bullish on crypto despite passing on buying the first Bitcoin futures ETF that same month. Circle is the principal operator of USD Coin (USDC), which is currently the second-largest stablecoin in terms of market capitalization. Circle announced its intentions to go public in July 2021 through a SPAC with Concord Acquisition Corp in a merger that would see the company valued at $4.5 billion. The merger was originally planned to finalize by the end of the fourth quarter of 2021, with the company being listed on the NYSE with the ticker “CRCL.” The move to go public came about as a response to the increasing concern posed by regulators regarding stablecoins. Regardless, the move was applauded overall by the crypto industry. Vladimir Vishnevskiy, co-founder of Swiss wealth management firm St. Gotthard Fund Management AG, noted as such and said; “[USDC] has been around since 2014, and is another example of an established player being rewarded for their input into the ecosystem.Stablecoins are still under regulatory scrutiny in the United States as lawmakers question the market’s transparency and reserve backing. U.S. lawmakers are currently looking to introduce new legislation on crypto within the coming weeks. 

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