After the frenzy of 2021 and the subsequent “crypto winter,” special purpose acquisition company (SPAC) activity in the digital asset space is back with renewed vigor in 2025. The broader SPAC market has raised over $10 billion through 56 offerings so far this year, matching the amount raised in all of 2024. Notably, crypto‑linked SPACs, especially those structured as “Bitcoin treasury” vehicles, are driving much of this resurgence.
Source: SPAC Activity in Crypto: Revival, Risks & Rewards