暗号資産価格の急落が、SPAC合併を目指すデジタル資産トレジャリー企業らの運命を一変させた。一時は純資産価値に対してプレミアムで取引されていたこれらの事業体も、市場混乱の中で今やディスカウントに直面している。2025年の暗号資産高騰期にこうした10件の案件が発表され、すでに2件が完了した。
2025年、過去最高を記録した暗号資産価格が、デジタル資産トレジャリー（DAT）企業によるSPAC合併発表の急増を促した。これらの投資主体は、暗号資産の保有と成長を目指し、値上がりへの賭けと純資産価値（NAV）に対するプレミアムを期待、貸出や流動性供給などの活動による収入で補完される予定だった。
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Crypto traders have pushed a synthetic market for SpaceX shares above $2 trillion just one day after its launch on a decentralized exchange. The new perpetual contract allows bets on the private company's eventual public valuation without any official IPO filing.
Major cryptocurrencies declined over the past week while the S&P 500 extended its longest weekly winning streak since 2023. Bitcoin and ether fell nearly 3 percent each amid softer inflows into spot bitcoin exchange-traded funds. Smaller tokens such as Hyperliquid's HYPE provided the only notable gains.
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SpaceX lost more than $600 billion in market value over three trading days following its plan to issue at least $20 billion in bonds. The move funds AI expansion linked to its xAI acquisition. Bitcoin held steady with a decline of less than 1 percent.
SpaceX has attracted $250 billion in investor interest for its planned initial public offering, making the deal nearly four times oversubscribed. The company set a fixed price of $135 per share, valuing it at around $1.8 trillion.
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Crypto platforms faced allocation shortfalls during SpaceX's IPO last week, leading several exchanges to cancel tokenized offerings and issue refunds. The episode revealed differences between various tokenized products and their ability to deliver actual shares.