Crypto Treasury Firms Flood Wall Street in SPAC-Led Gold Rush

“Crypto treasury firms are flooding public markets through SPACs and reverse mergers in a bid to capitalize on token volatility and investor enthusiasm. Backed by firms like SoftBank and Cantor Fitzgerald, new players like Twenty One Capital and ProCap Financial are fast-tracking deals to mirror the playbook of Strategy, whose Bitcoin-heavy model has delivered massive premiums.

Fueled by a crypto rebound and favorable regulatory signals, deal activity is booming—especially among firms accumulating tokens to trade above their net asset value (NAV). Mid-size banks like KBW and Cohen are leading many of these deals, with KBW expecting its digital asset deal volume to triple in 2025.”