SPAC

Introduction: The Call That Changed Everything

It was supposed to be a landmark event for the crypto industry. One of Wall Street’s oldest financial firms, Cantor Fitzgerald, was joining forces with the bitcoin investment company of the legendary Adam Back. A man who stood at the origins of Bitcoin, whose work is linked to Satoshi’s white paper, was bringing his business to the public market through a SPAC. The deal was expected to legitimize cryptocurrency in the eyes of conservative institutional investors and generate billions in profits.

And then — silence. Followed by a dry statement: the parties were abandoning the original terms. The merger was canceled. But not entirely. They want to negotiate a revised deal. The financial parameters were not disclosed. The timeline was not specified. Private financing was annulled. The shareholder meeting scheduled for July 10 was postponed indefinitely.

So what happened? Why did a deal that seemed almost guaranteed a year ago fall apart at the last moment, leaving investors confused? Was it a crisis of trust, funding problems, or a sign that bitcoin euphoria is beginning to fade?

The SPAC Mechanism: A Shortcut to the Stock Market That Became a Rocky Road

What Is a SPAC and Why Was It Chosen

To understand the scale of what happened, it is important to recall what a SPAC is — a special purpose acquisition company. In essence, it is a “blank check”: a company with no operating business that goes public, raises money from investors, and then searches for a target to acquire. If the deal goes through, the private company becomes public without a traditional IPO.

This mechanism was incredibly popular at the beginning of the decade. It promised speed, less bureaucracy, and access to capital even for companies that were not ready for a full...