eToro's $10B Crypto SPAC

Happy Tuesday, Blockfolians!

The Lede

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


Community Commentary

Hear hear
Great thread from Meltem

A Really Big Number We Should Be Paying Attention To

$1.1m

That’s the current high bid for a meta Elon Musk NFT that’s a song about NFTs


Final Thought

Is it working?