Bitcoin Miner Bitdeer Technologies to List on Nasdaq via SPAC Deal

April 13, 2023 Bitcoin.com

Circle denies blaming SEC for shuttered $9B plan to go public

January 26, 2023 Coin Telegraph

Circle denies blaming SEC for shuttered B plan to go public

8-K

A Jan. 25 report from the Financial Times which was widely shared characterized Circle as having "blamed" the SEC for its "jettisoned" public listing plan.

A spokesperson for USD Coin (USDC) issuer Circle has denied reports that it blames the United States Securities and Exchange Commission (SEC) over its failed $9 billion plan to go public in December.

The stablecoin issuer representative was responding to a Jan. 25 Financial Times article which characterized Circle as having “blamed” the securities regulator for its “derailed” listing as a result of dragging its feet on the approval of a merger agreement.

However, a Circle spokesperson clarified to Cointelegraph that was not the case and that it doesn’t hold any blame over the SEC for the termination of its merger agreement.

“Circle has not and does not blame the SEC for anything related to the mutual termination of our SPAC merger agreement with Concord, and any statements to the contrary are inaccurate."

Circle’s listing on the New York Stock Exchange (NYSE) was pegged on them being able to combine with Concord, a company set up by banker Bob Diamond via a Special Purpose Acquisition Company arrangement, also known as a SPAC deal.

However, according to the FT, Circle said the merger failed to be consummated as a result of the SEC not declaring the related S-4 registration effective in time, which would cause the agreement to lapse on Dec. 10.

Circle’s spokesperson however referred to previous statements made by the company in December, noting that “the deal simply termed out.”

Concord had not publicly disclosed a reason for the failed business combination, but filed an 8-K form with the SEC on Dec. 5 — the same day the deal was announced as terminated — which revealed that it was being delisted by the NYSE due to “abnormally low trading price levels.”

Indeed, in a Dec, 5 tweet Circle co-founder and CEO Jeremy Allaire had nothing but positive words regarding the SEC, and noted that while it was disappointing that they were unable to complete qualification in time it was still planning on becoming a publicly-listed company.

2/ From my perspective, I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry. This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.
— Jeremy Allaire (@jerallaire) December 5, 2022

As Cointelegraph had previously reported, the deal was first announced in Jul. 2021 at a valuation of $4.5 billion, before doubling in Feb. 2022 when it was revised up to $9 billion.

USDC issuer Circle terminates SPAC merger with Concord

December 5, 2022 Coin Telegraph

Circle

The deal previously valued Circle at $4.5 billion in July 2021 before an upwards revision to $9 billion in February 2022.

According to a new press release published on Dec. 5, USD Coin (USDC) issuer Circle announced the mutual termination of its proposed merger with special purpose acquisition company, or SPAC, Concord Acquisition. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle's valuation ballooned to $9 billion. USDC is currently the second largest stablecoin in circulation, with a market cap of $43 billion.

Under the terms of the agreements, Concord had until Dec. 10 to consummate the transaction or seek a shareholder vote for an extension. However, it appears that Concord chose to have the time limit lapse instead. As told by Circle CEO Jeremy Allaire:

"Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team. We are disappointed the proposed transaction timed out; however, becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important."

Circle further reiterated that it "became profitable in the third quarter of 2022, with total revenue and reserve interest income of $274 million and net income of $43 million." The company currently has $400 million in unrestricted cash.

While the stakeholders didn't directly state the reason behind the deal's fallout, the ongoing crypto winter has led to a spiral of downward revisions for many companies' valuations. On top of that, SPAC mergers have also performed poorly, with the IPOX SPAC index benchmark falling over 40% since reaching all-time highs in February 2021. Likewise, Israeli cryptocurrency exchange eToro terminated its $10 billion SPAC merger this July after a downward revision to its valuation.

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

December 1, 2022 Coin Telegraph

Bitcoin Depot

The firm's revenue increased by 25.25% to $497.2 million in the first nine months of 2022.

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.

CNBC’s Jim Cramer Warns Investors Should Stay Away From Dogecoin, Shiba Inu and Over a Dozen Other Altcoins

September 1, 2022 The Daily Hodl

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

August 1, 2022 Coin Telegraph

cloud

The firm, whose data centers are located in the United States, generated $40 million in sales last year.

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.

W3BCloud 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."

Israeli Crypto Company Etoro Lays Off 100 Workers, SPAC Deal Terminated, Company Eyes Private Raise

July 6, 2022 Bitcoin.com

Crypto focused SPAC raises $115M in Nasdaq IPO

April 20, 2022 Coin Telegraph

Crypto focused SPAC raises 5M in Nasdaq IPO

Aura FAT Projects Acquisition

The Aura FAT SPAC listed on Nasdaq and ended its IPO with $115 million in funds after finishing an over-allotment round.

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.

Late 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.

Bitcoin Mining Startup Primeblock to Go Public via SPAC Merger as SEC Targets SPAC Deals

April 5, 2022 Bitcoin.com

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

April 1, 2022 Coin Telegraph

Bitcoin mining company PrimeBlock to go public via .25B SPAC merger

Coin Telegraph

The company forecasts it will generate up to $98 million in annual revenue.

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."

SPAC

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