What this means
Bitcoin-SPAC is a structure where SPAC acquires Bitcoin or companies with a large BTC balance instead of a traditional company, providing investors with public access to Bitcoin.
Advantages: quick release, clear valuations, access to industry connections.
Disadvantages: high volatility, regulatory issues, potentially poor post-merger performance.
Major Bitcoin-oriented SPAC deals
1. Parataxis + SilverBox SPAC
The company Parataxis, specializing in asset management with a focus on Bitcoin, plans to go public through a merger with SPAC SilverBox Corp IV.
Valuation — $400 million with potential to double, already raised $31 million, which will go towards purchasing Bitcoin before the listing. Parataxis is also expanding into South Korea through the acquisition and rebranding of a local biotech company.
2. Anthony Pompliano & ProCap Financial through SPAC
Investor Anthony Pompliano is leading a deal with SPAC Columbus Circle Capital Corp. I to create ProCap Financial.
This is the largest deal of its kind: $516 million raised in equity, $235 million in convertible debt. ProCap has already acquired nearly 5,000 BTC, providing immediate Bitcoin exposure from day one — an important distinction from traditional SPAC deals.
3. Cantor Fitzgerald and the acquisition of Bitcoin through SPAC
Cantor Equity Partners I (SPAC from Cantor Fitzgerald) is negotiating with Adam Back (creator of Blockstream Capital) for a deal to acquire between $3 to $4 billion in BTC (~30,000 BTC). The plan is to name the SPAC “BSTR Holdings” and raise an additional up to $800 million.
In addition, Bitcoin Standard Treasury Company (backed by Cantor) also plans an IPO through SPAC — with already balanced more than 30,000 BTC. The deal is expected to close in Q4 2025.
4. Growth of SPAC activity in the crypto sector
The trend towards Bitcoin-SPAC is sharply increasing: SPAC structures have become a popular way for a quick public exit and concentration of Bitcoin on the company's balance sheet.
However, SPAC deals remain very risky: most of these companies show negative returns after the merger (median — -83%).
