The Skin-Tech Devices Helping Execs Beautify in a HurryRead More

Etoro is among the crypto companies planning to go public via a SPAC this year. Photo: Bloomberg

A Wave of Crypto SPACs Approaches; Katie Haun’s Newest Hire

Photo: Etoro is among the crypto companies planning to go public via a SPAC this year. Photo: Bloomberg

Can a wave of crypto SPACs shake the IPO market out of its doldrums? A group of blockchain startups and their merger partners is going to try. Despite a slow start for public listings this year, at least two crypto startups have already announced plans to go public via a merger with a special purpose acquisition company this year. More are likely to follow.

Hong Kong-based crypto mining firm BitFuFu announced in late January it would go public in the U.S. by merging with Arisz Acquisition Corp. in a deal that would value the company at $1.5 billion. Along with the SPAC merger announcement, the company said it had secured $70 million in a private investment in public equity, or PIPE, from bitcoin mining materials producer Bitmain, an early investor in the company. Two days later, New York-based crypto exchange Apifiny said it would merge with Abri SPAC I to go public at a $530 million valuation. 

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
markets
Musk Puts $20 Billion Value on Twitter
Elon Musk. Photo by Bloomberg.
Elon Musk offered Twitter employees stock grants at a valuation of roughly $20 billion, said a person familiar with an email Musk sent to staff, less than half what he paid to buy the company. It was a concrete acknowledgment of how much Twitter’s value has dropped since the deal—but it is still well above public market valuation levels for Twitter’s rivals.
Latest Briefs
 
First Citizens Nears Deal to Buy SVB From Government
Apple Insiders Debate Prospects for Mixed Reality Headsets
Twitter Valued at $20 Billion in New Employee Stock Grant
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Tonal’s now-shuttered Palo Alto, Calif. retail store. Photo by Getty.
Exclusive startups
Tonal’s Valuation May Fall 90% in ‘Cram-Down’ Financing
Tonal, a fitness startup with a cadre of celebrity backers, is crunched for cash after failing to find a buyer.
Clockwise from top left: Julie Bornstein, Esther Crawford, Mark Hammond, Max Cutler, Kağan Sümer. Photos via Julie Bernstein, Robert Cowherd, Microsoft, Wikimedia and Kağan Sümer.
Free Agents startups
On the Market: The Founders Who Joined Microsoft, Spotify, Coinbase and Twitter
Call them acqui-fires. Several founders who took positions at the bigger tech companies that bought their startups recently lost their jobs when layoffs rolled through Silicon Valley.
SpaceX CEO Elon Musk last August. Photo by Bloomberg
Exclusive startups electric vehicles
SpaceX Plans New Funding With Backing From Saudi, UAE Investors
A subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi investment firm are planning to invest in a multibillion-dollar funding round for SpaceX, Elon Musk’s rocket company, according to people familiar with the investor discussions.
Bill Gurley in 2019. Photo by Bloomberg
Exclusive
Good Eggs Cuts Its Valuation 94% in Lifeline Financing as More Startups Get Desperate
As more startups struggle to raise money from venture capitalists and approach bankruptcy, they are going to extreme lengths to stay afloat.
Block chairman and co founder Jack Dorsey. Photo by Getty
markets
Fintech’s Big Wakeup Call
Fintechs were supposed to transform banking by making it dead simple for users to open savings accounts or pay their bills.
Art by Clark Miller.
Market Research e-commerce culture
The Skin-Tech Devices Helping Execs Beautify in a Hurry
I’m always 29 at heart,” said Liyia Wu, CEO of ShopShops, a livestream shopping app for fashion, beauty and lifestyle products.