SPAC fundraising reaches highest level since 2021, with cryptocurrency as one of the main sectors for deals

On October 28, The Kobeissi Letter posted on X, stating that since 2024, SPAC (Special Purpose Acquisition Company) founders have raised over $24 billion, surpassing the total of the previous two years combined. 2025 is expected to become the strongest year for SPAC performance since 2021. Recently, most SPAC deals have focused on the nuclear energy, quantum computing, and cryptocurrency industries. However, among the 589 companies that have gone public via SPAC since 2019, only 11% currently have a stock price above their original offering price. During this period, 31% of companies have gone bankrupt or been acquired, and 48% have seen their market value drop by 50% to 99%.