The SPAC market has experienced a resurgence with multiple new filings and IPOs raising substantial capital. Cryptocurrency influencer and investor Anthony Pompliano has filed for a SPAC IPO aiming to raise $200 million, leveraging his online influence to enhance digital asset transactions on Wall Street. This marks a notable entry in the renewed SPAC bull market, which has seen IPOs like $TACOU and $DAAQU trading well shortly after their debuts. Cantor Equity Partners II (ticker: CEPT) and Cartesian Growth III (ticker: CGCTU) have both priced upsized IPOs at $240 million each amid high demand. The Bitcoin treasury-focused SPAC $CEP, backed by entities including Softbank and Tether, is trading at a premium of 5.2 times its net asset value over its planned Bitcoin holdings, with a market capitalization around $557 million. This company is viewed as a potential new MicroStrategy (ticker: MSTR) in the crypto treasury space, with expectations of significant stock appreciation over the next 24 months. April saw 13 blank-check IPOs raising a combined $2.6 billion, the busiest month for SPAC issuance in over three years. Generalist hedge funds have shown strong appetite for these offerings, leading to oversubscription and upsizing of deals. The SPAC market's momentum is reflected in tightening IPO allocations compared to two weeks prior, indicating increased investor interest and competition for shares.
SPAC Cantor Equity Partners II prices upsized $240 million IPO $CEPT $IPO #IPO https://t.co/OkIXh2EGqV
Private equity firm's SPAC Cartesian Growth III prices upsized $240 million IPO $CGCTU $IPO #IPO https://t.co/iouSq8ren4
Three SPAC IPOs today, all three upsized amidst voracious demand as generalist hedge funds climb over themselves to gain exposure to this new SPAC bull market. All three of these deals were massively oversubscribed. https://t.co/mV5HYBv9T6