Crypto Crashed Loudly While SPACs Drop Quietly

SPACs were down more today, including the IPOs, but it was pretty tame in comparison to what was seen in the crypto market. The average pre-deal SPAC is now trading at $9.81.
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While SPACs quietly traded down again today, markets were focused on crypto as Bitcoin, Ether, Doge and all of the popular crypto assets tumbled causing angst among speculative traders and crypto new comers. 

Back when crypto was the toast of the town going to the moon, and taking steam away from SPACs, we asked if SPACs would target more crypto assets? We haven't seen an uptick since then, however, here is how a couple of those SPACs that have struck crypto-related deals fared today:

  • VPC Impact Acquisition Holdings (VIH) & Bakkt: closed down -0.8% to $10.10
  • FinTech Acquisition V (FTCV) & eToro: rose +1.5% to $10.54

No word, yet, on the merger status for those deals as they are also potentially held up by the latest SEC changes. Overall, there isn't a significant amount of crypto activity in SPAC land, although one of today's IPOs, Aries I Acquisition Corp, did mention crypto as a potential sector for its target. 

Today's new IPOs traded down, as expected, in spite of friendlier warrant coverage and overfunded trust (in the case of Aries): 

Biggest SPAC Gainers

5.25% ~ $ 10.22 | OHPA - Orion Acquisition Corp. (Pre-Deal)
4.24% ~ $ 19.19 | BRPA - Big Rock Partners Acquisition Corp (Announced)
3.75% ~ $ 17.43 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
3.13% ~ $ 9.90 | VELO - Velocity Acquisition Corp (Pre-Deal)
2.93% ~ $ 10.19 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
2.90% ~ $ 10.30 | IVAN - Ivanhoe Capital Acquisition Corp (Pre-Deal)
2.67% ~ $ 10.01 | ATAC - Altimar Acquisition Corporation (Announced)
2.57% ~ $ 15.18 | SSPK - Silver Spike Acquisition Corp. (Announced)
2.56% ~ $ 10.00 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
2.37% ~ $ 11.23 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
2.07% ~ $ 9.88 | MTAC - MedTech Acquisition Corporation (Pre-Deal)
2.03% ~ $ 9.99 | POW - Powered Brands (Pre-Deal)
1.87% ~ $ 12.50 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.70% ~ $ 10.17 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
1.56% ~ $ 10.39 | WPF - Foley Trasimene Acquisition Corp. (Announced)
1.52% ~ $ 10.00 | LDHA - LDH Growth Corp I (Pre-Deal)
1.46% ~ $ 9.90 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
1.45% ~ $ 10.50 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
1.43% ~ $ 9.92 | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
1.36% ~ $ 9.72 | MIT - Mason Industrial Technology, Inc. (Pre-Deal)

Biggest SPAC Losers

-3.90% ~ $ 10.59 | LCY - Landcadia Holdings III Inc (Announced)
-3.50% ~ $ 9.65 | GXII - GX Acquisition Corp. II (Pre-Deal)
-3.10% ~ $ 9.69 | GNAC - GROUP NINE ACQUISITION CORP. (Pre-Deal)
-3.00% ~ $ 9.70 | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
-2.66% ~ $ 10.25 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-2.33% ~ $ 10.49 | THCB - Tuscan Holdings Corp. (Announced)
-2.13% ~ $ 12.84 | BOWX - BowX Acquisition Corp (Announced)
-2.12% ~ $ 9.70 | OPA - Magnum Opus Acquisition Limited (Pre-Deal)
-2.12% ~ $ 18.97 | CCIV - Churchill Capital Corp IV (Announced)
-2.11% ~ $ 12.99 | JWS - Jaws Acquisition Corp (Announced)
-1.94% ~ $ 11.10 | GHVI - Gores Holdings VI Inc (Announced)
-1.87% ~ $ 9.77 | LIII - Leo Holdings III Corp (Pre-Deal)
-1.73% ~ $ 9.68 | COVA - Crescent Cove Acquisition Corp. (Pre-Deal)
-1.72% ~ $ 9.74 | HMCO - HumanCo Acquisition Corp. (Pre-Deal)
-1.68% ~ $ 9.97 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-1.63% ~ $ 10.86 | PSAC - Property Solutions Acquisition Corp (Announced)
-1.57% ~ $ 10.01 | YTPG - TPG Pace Beneficial II Corp. (Pre-Deal)
-1.57% ~ $ 10.05 | ARYA - Arya Sciences Acquisition Corp III (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)