Happy Tuesday, Blockfolians!
One of the defining features of contemporary public markets are Special Purpose Acquisition Companies or SPACs. These “blank check” companies allow their promoters to raise public market capital with the intention of merging with a private company, in the process, bringing that company public without the rigamarole of the IPO process.
Many have speculated that this year would be a big one for crypto-related SPACs. Bakkt announced their intention to go public via SPAC earlier this year, but the biggest news so far came yesterday when it broke that eToro would be going public via a SPAC resulting in a firm with a valuation above $10B. Decacorns baby.
Who will be next to SPAC?
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Highly Relevant Reading
Howard Marks is the latest billionaire getting interested in bitcoin
Kraken also considering a SPAC or IPO
Are NFTs like the Dot Com Bubble?
Sotheby’s is following Christie’s into the NFT game
Cred @CryptoCredYou can't be late to $crypto. The space is constantly innovating. Some of the best & most asymmetric opportunities appeared in the last 3-12 months via DeFi and NFTs. Dips and market cycles still exist, but only using Bitcoin price as a gauge for late/early is inaccurate IMO.
Great thread from Meltem
A Really Big Number We Should Be Paying Attention To
That’s the current high bid for a meta Elon Musk NFT that’s a song about NFTs
Is it working?