Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
Some cryptocurrency firms have recently managed to gain sky-high valuations, even as investor enthusiasm has waned for the digital assets whose values have plunged following global regulatory crackdowns. Bullish, a crypto firm backed by billionaire entrepreneur Peter Thiel, agreed to a $9 billion blank-check deal earlier this month, while FTX Trading on Tuesday said its valuation had risen to $18 billion following a fresh funding round.Despite the wild price swings in bitcoin, the most popular cryptocurrency, conglomerates like Japanese investment giant SoftBank Group Corp have given their seal of approval to some crypto firms including FTX and Mercado Bitcoin.
Special purpose acquisition company Power & Digital raised $345 million in an upsized initial public offering in February.SPACs use the pool of capital raised through their IPOs to merge with a private company and take it public, typically within two years of listing.