Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Since the beginning of December, around 70 special-purpose acquisition companies (SPACs), have liquidated and returned the money to the investors.
A SPAC firm, a.k.a blank-check company, raises money to merge with a private company to take it public. After regulatory scrutiny, the company going public replaces the SPAC in the stock market.
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According to data from SPAC Research, SPAC creators have lost more than $600 million on liquidations this month and more than $1.1 billion this year.
Related: Peter Thiel-Backed Crypto Exchange Bullish Exits SPAC Deal Over New SEC Practices.
SPAC frenzy approached its end amid fewer deal prospects and looming tax bills. Around four SPACs pulled their shutters down daily, nearly at the same rate they were being launched when the sector peaked in early 2021.
Several more SPACs would be winding down in the coming weeks, Wall Street Journal wrote, hurting some of their backers such as Chamath Palihapitiya, Alec Gores, Gary Cohn and Wall Street firms such as KKR & Co Inc (NYSE:KKR) and TPG Inc (NASDAQ:TPG).
In September, Palihapitiya liquidated two SPACs citing valuation and volatility as the two biggest reasons.
Another roughly 150 SPACs holding about $25 billion have reached merger agreements but haven't closed, including Digital World Acquisition Corp (NASDAQ:DWAC), the SPAC that was hoping to merge with former President Donald Trump's social-media company, wrote the Wall Street Journal, citing SPAC Research.
Also Read: Here's How Much Marjorie Taylor Greene Has Lost On Her Trump SPAC Investment
Photo: zimmytws via Shutterstock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.