温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/hi/54177.html
点击访问原文链接

Backdoor listing craze: Why do Bitcoin treasury companies prefer SPACs? | Bee Network

进入原网站 导航首页
Backdoor listing craze: Why do Bitcoin treasury companies prefer SPACs? | Bee Network Login ट्रेंडिंग न्यूज़ मीम लॉन्चपैड एआई एजेंट डेस्सी टॉपचेनएक्सप्लोरर न्यूबी के लिए 100x सिक्के मधुमक्खी खेल आवश्यक वेबसाइटें एपीपी अवश्य होना चाहिए क्रिप्टो हस्तियाँ डेपिन नौसिखिया आवश्यक ट्रैप डिटेक्टर बुनियादी उपकरण उन्नत वेबसाइटें एक्सचेंजों एनएफटी उपकरण नमस्ते, साइन आउट वेब3 यूनिवर्स खेल डीऐप मधुमुखी का छत्ता बढ़ता हुआ मंच विज्ञापन खोज अंग्रेज़ी रिचार्ज सिक्के लॉग इन करें डाउनलोड करना वेब3 यूनी खेल डीऐप मधुमुखी का छत्ता विज्ञापन घर•विश्लेषण•Backdoor listing craze: Why do Bitcoin treasury companies prefer SPACs? Backdoor listing craze: Why do Bitcoin treasury companies prefer SPACs?विश्लेषण8महीना पहलेहाँव्याट 24,718 45 Original article by Prathik Desai

मूल अनुवाद: लफ़ी, फ़ोरसाइट न्यूज़

In 2020, Strategy (then known as MicroStrategy) began exchanging debt and stock for Bitcoin. The company, which originally sold enterprise software, transformed itself under the leadership of co-founder and chairman Michael Saylor, injecting company funds into Bitcoin and becoming the largest Bitcoin holder among listed companies.

Five years later, Strategy is still selling software, but the contribution of operations to the company’s overall gross profit has been steadily declining. In 2024, operating gross profit fell to about 15% from 2023; in the first quarter of 2025, the figure was down 10% from the same period last year. As of 2025, Strategy’s model has been copied, adapted, and simplified, paving the way for more than a hundred public entities to hold Bitcoin.

The model is simple: issue low-cost debt with the company as collateral, buy Bitcoin, wait for it to appreciate, then issue more debt to buy more Bitcoin – forming a self-reinforcing cycle, turning corporate treasuries into leveraged क्रिप्टोcurrency funds. Maturity debt is repaid by issuing new shares, diluting the equity of existing shareholders. But the appreciation of Bitcoin holdings pushes up the stock price, offsetting the impact of equity dilution.

Most of the companies following in Strategy’s footsteps have existing businesses that they hope will generate income for their balance sheets from an appreciating asset like Bitcoin.

Strategy used to be a purely enterprise analytics and business intelligence platform; Semler Scientific, the 15th largest publicly traded Bitcoin holder, was once a pure health technology company; GameStop, which recently joined the Bitcoin Reserve Club and attracted attention, was previously a well-known game and electronics retailer that only recently got involved in Bitcoin treasury construction.

Today, a new wave of companies are eager to enjoy the dividends of Bitcoin, but do not want to bear the burden of establishing a physical business . They have no customers, no profit model, and no operational roadmap. They just need a balance sheet full of Bitcoin and a quick access to the public market through financial shortcuts. Thus, the special purpose acquisition company (SPAC, that is, backdoor listing) came into being.

इन Bitcoin asset SPACs, like ReserveOne, ProCap (backed by Anthony Pompliano), and Twenty One Capital (backed by Tether, Cantor Fitzgerald, and SoftBank), are offering simple wrappers. Their pitch is clear: Raise hundreds of millions of dollars, buy bitcoin in bulk, and give public market investors a ticker symbol to track it all. That’s it. That’s the whole business.

The approach of these new entrants is the exact opposite of Strategy: accumulate Bitcoin first and then consider the business part. This model is more like a hedge fund than a company.

Yet, many companies are still lining up to choose the SPAC path. Why is that?

A SPAC is a pre-funded shell company that raises money from investors (usually a group of private investors), lists on a stock exchange, and then merges with a private company. It is often described as a shortcut to an IPO. In the cryptocurrency world, it is a way for entities with heavy Bitcoin holdings to go public quickly before market sentiment or regulation turns against them, and speed is key.

Although this speed advantage is often illusory. SPAC promises to complete the listing in 4-6 months, while IPO takes 12-18 months, but in reality, regulatory review of cryptocurrency companies takes longer. For example, Circle failed in its attempt to go public through SPAC and later succeeded through a traditional IPO.

But SPACs still have their advantages.

They allow these companies to describe bold visions, such as “holding $1 billion in Bitcoin by the end of the year,” without immediately undergoing the rigorous scrutiny of the traditional IPO process. They can bring in a post-IPO private placement (PIPE) from heavyweights like Jane Street or Galaxy, pre-negotiate a valuation, and package it into an SEC-compliant shell company while avoiding being labeled an “investment fund.”

The SPAC route simply makes it easier for companies to sell their strategies to their stakeholders and investors because there is nothing else to sell except Bitcoin.

Remember when Meta and Microsoft considered adding Bitcoin to their treasury? They were met with overwhelming opposition.

For public investors, SPACs appear to offer pure exposure to Bitcoin without having to directly touch the cryptocurrency, just like buying a gold ETF.

But SPACs also face acceptance issues among retail investors, who prefer to gain exposure to Bitcoin through more popular channels, such as exchange-traded funds (ETFs). The 2025 Institutional Investor Digital Asset Survey showed that 60% of investors prefer to be exposed to cryptocurrencies through registered investment vehicles (such as ETFs).

Despite this, the demand remains because of the leverage potential inherent in this model.

Strategy didn’t stop buying bitcoin, but continued issuing convertible notes (most likely redeemable by issuing new shares). This approach helped the former business intelligence platform become a bitcoin “turbocharger”: its stock price rose more than bitcoin itself during the rise of bitcoin. The blueprint is still in the minds of investors: a bitcoin company based on a SPAC can replicate this acceleration model – buy bitcoin, issue more shares or debt to buy more bitcoin, and repeat the cycle.

When a new Bitcoin company announces a $1 billion institutional PIPE investment, that in itself conveys credibility, signaling to the market that big money is paying attention. Think about how much credibility Twenty One Capital has with heavyweights like Cantor Fitzgerald, Tether, and Softbank backing it.

SPACs allow founders to achieve this goal earlier in the company lifecycle without having to first build a revenue-generating product. This early institutional recognition helps gain attention, capital, and momentum while reducing investor resistance that already public companies may face.

For many founders, the appeal of the SPAC path lies in flexibility. Unlike IPOs, where disclosure timing and pricing are very strict, SPACs have greater control over narrative, forecasts, and valuation negotiations. Founders can tell forward-looking stories, develop capital plans, and retain equity while avoiding the endless financing cycle in the traditional VC→IPO path.

The packaging itself is attractive. Publicly traded stocks are a well-known language: tickers can be traded by hedge funds, added to retail platforms, and tracked by ETFs. It is a bridge between crypto-native ideas and traditional market infrastructure. For many investors, the packaging is more important than the underlying mechanics: if it looks like a stock and trades like a stock, it can fit into an existing portfolio.

If SPACs can be formed and go public without any existing business, how do they work and where does the revenue come from?

SPACs also allow for creativity in structure. A company could raise $500 million, put $300 million into Bitcoin, and use the rest to explore yield strategies, launch financial products, or acquire other crypto businesses that generate revenue. This hybrid model is difficult to achieve with ETFs or other models that have stricter rules and more rigid mandates.

Twenty One Capital is exploring structured fund management. It has more than 30,000 bitcoins in reserve, and uses a portion of it for low-risk on-chain yield strategies. The company merged with a SPAC backed by Cantor Fitzgerald and raised more than $585 million through PIPE and convertible bond financing to purchase more bitcoins. Its roadmap includes building a bitcoin-native lending model, capital market tools, and even producing bitcoin-related media content and promotional activities.

Nakamoto Holdings, founded by Bitcoin Magazine’s David Bailey, has taken a different path to similar goals. It merged with KindlyMD, a publicly traded medical company, to build a Bitcoin treasury strategy. The deal received $510 million in PIPE and $200 million in convertible notes, making it one of the largest crypto-related financings. It hopes to securitize Bitcoin exposure into stocks, bonds, and hybrid instruments that can be traded on major stock exchanges.

Pomplianos ProCap Financial plans to provide financial services based on the Bitcoin treasury, including crypto lending, staking infrastructure, and building products that allow institutions to earn Bitcoin returns.

ReserveOne takes a more diversified route. Although Bitcoin remains the core of its portfolio, it plans to hold a basket of assets such as Ethereum and Solana, using these assets to participate in institutional-level staking, derivatives, and over-the-counter lending.

Backed by companies like Galaxy and Kraken, ReserveOne positions itself as a crypto-native BlackRock, combining passive exposure with active yield generation. In theory, its revenue comes from lending fees, staking rewards, and the spread between short-term and long-term bets on managed crypto assets.

Even if an entity has found a sustainable way to generate revenue, the label of a “public company” still brings with it paperwork and challenges.

Post-merger operations highlight the need for a sustainable revenue model. Fund management, custody, compliance, and auditing all become critical, especially when the only product is a volatile asset. Unlike ETF issuers, many SPAC-backed companies are built from scratch, custody may be outsourced, controls may be weak, and risks accumulate quickly without being noticed.

Then there are governance issues. Many SPAC sponsors retain special rights, such as enhanced voting rights, board seats and liquidity windows, but they often lack cryptocurrency expertise. When the price of Bitcoin plummets or regulation tightens, experts are needed to take the helm. When the market is rising, no one pays attention; but when it falls, problems are exposed.

So, how should retail investors respond?

Some will be attracted by the upside, thinking that a small bet on a Bitcoin SPAC could recreate the Strategy boom. But they will also face multiple risks, such as equity dilution, volatility, redemptions, and management teams with untested performance. Others may prefer the simplicity of a spot Bitcoin ETF or even hold Bitcoin directly.

Because when you buy bitcoin stocks listed through SPACs, you don’t own bitcoin directly, you buy into someone else’s plan to buy bitcoin for you, and hope they succeed. That hope comes at a price, and in a bull market, that price seems worth paying.

However, you still need to understand what you are actually buying and how much.

मूल लिंक

This article is sourced from the internet: Backdoor listing craze: Why do Bitcoin treasury companies prefer SPACs?

Related: Bonk ecosystem is recovering, here are five potential targets worth paying attention to In April this year, due to the communitys dissatisfaction with pumps sale of SOL, a launchpad melee to besiege pump.fun began. Shaws auto.fun, dingalings boop.fun and bonks letsbonk.fun all experienced a brief period of fomo and then returned to silence. On June 4, Tom, the founder of the Letsbonk.fun platform, announced that he would announce the benefits of the Bonk ecosystem, including hosting hackathons, repurchasing $USELESS, $HOSICO and other tokens. The Bonk ecosystem has gradually recovered. Recently, the market value of the leading ecological coin $USELESS exceeded 100 million US dollars, which once again opened the ceiling for the platform and rekindled the enthusiasm of the community. This article shares five high-quality targets of the Bonk ecosystem. $USELESS: A useless faith experiment If you missed $PEPE and $FARTCOIN, youd better…

# विश्लेषण# बिटकॉइन# क्रिप्टो# इथेरियम# एक्सचेंज# मार्केट# टूल© 版权声明सरणी 上一篇 Ethereum 2030 Technical Manifesto: Rollups dual-track parallel world ledger 下一篇 Mable Jiang announces the creation of Trends to create a new paradigm for on-chain social capital 相关文章 Building “Planet Tribe”: Jason Explains OKX Planet’s Product Mechanism and Community Logic 6086cf14eb90bc67ca4fc62b 8,747 Odaily Exclusive Interview with Moonbirds Head Spencer: From World-Class Fencer to NFT Revivalist 6086cf14eb90bc67ca4fc62b 21,833 5 TOKEN2049 पर ध्यान दें: लंबे समय से निष्क्रिय क्रिप्टो बाजार की नई विशेषताएं क्या हैं? 6086cf14eb90bc67ca4fc62b 42,650 गर्मFrom trusted data to trusted devices: ShareX releases Deshare 2.0, defining a new standard for real-world asset on-chain 6086cf14eb90bc67ca4fc62b 17,668 24-Hour Hot Coins and News | Monad: Airdrop Claim Portal Opens Today at 9:00 PM; 6086cf14eb90bc67ca4fc62b 21,447 TechnoRevenant ने 7 दिनों में 10,300 मिलियन डॉलर जुटाए: क्या यह कोई अंदरूनी सूत्र है या ब्लॉकचेन का नया बादशाह? अनुशंसित लेख 6086cf14eb90bc67ca4fc62b 24,830 2 कोई टिप्पणी नहीं टिप्पणी करने के लिए आपको लॉगिन होना होगा! तुरंत लॉगइन करें कोई टिप्पणी नहीं... नवीनतम लेख Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 21 घंटे पहले 655 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 21 घंटे पहले 703 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 21 घंटे पहले 652 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 21 घंटे पहले 544 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 21 घंटे पहले 623 लोकप्रिय वेबसाइटेंTempoLighterजीएआईबीग्लाइडरप्लांकरेल्सबीसीपोकरवूई Bee.com दुनिया का सबसे बड़ा Web3 पोर्टल भागीदारों कॉइनकार्प बिनेंस कॉइनमार्केटकैप कॉइनगेको कॉइनलाइव कवच बी नेटवर्क ऐप डाउनलोड करें और वेब3 यात्रा शुरू करें सफेद कागज भूमिकाएँ सामान्य प्रश्न © 2021-2026. सर्वाधिकार सुरक्षित।. गोपनीयता नीति | सेवाओं की शर्तें बी नेटवर्क ऐप डाउनलोड करें और वेब3 यात्रा शुरू करें दुनिया का सबसे बड़ा Web3 पोर्टल भागीदारों CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors सफेद कागज भूमिकाएँ सामान्य प्रश्न © 2021-2026. सर्वाधिकार सुरक्षित।. गोपनीयता नीति | सेवाओं की शर्तें खोज खोजइनसाइटऑनचेनसामाजिकसमाचार उत्तर: एयरड्रॉप शिकारी डेटा विश्लेषण क्रिप्टो हस्तियाँ ट्रैप डिटेक्टर हिन्दी English 繁體中文 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia اردو Русский हिन्दी

智能索引记录