2025 年创下的加密货币价格新高引发了一波数字资产财政（“DAT”）公司宣布与 SPAC 合并的热潮，但一场重大的加密货币抛售将这种热情转变为一场惨败，曾经以溢价交易的 DAT 现在以折扣交易。
去年，SPAC 市场试图利用持有 1 美元比特币可以转化为大约 2 美元市场价值的事实，这一交易由 Michael Saylor 的 Strategy Inc.（MSTR）首创。因此，10 个 SPAC 宣布计划上市新成立的 DAT。与 2021 年牛市时的情况类似，当交易仅仅被宣布时，股票就飙升，尽管加密货币去 SPAC 的历史表现不佳。其中两个已经通过 SPAC 合并上市——Twenty One Capital（XXI）和 ProCap Financial（BRR），另外八个合并仍在待定中。此外，几家已经上市的公司也转型成立 DAT，包括 Empery Digital（EMPD）。这些工具旨在持有和增长数字资产，主要是押注于加密货币升值和持续的净资产溢价，同时也通过某些收入机会（例如借贷、流动性提供）实现收益。
<img src="https://imageproxy.pbkrs.com/https://www.renaissancecapital.com/imageuploads/pub1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.renaissancecapital.com/imageuploads/pub1.png"/>

EMPD

最近的加密货币抛售对数字资产财政（DAT）公司产生了负面影响，导致最初因高加密价格而繁荣的 SPAC 交易下降。十个 SPAC 曾宣布与 DAT 合并的计划，但现在的交易价格低于净资产价值（NAV）。其中两个 SPAC，Twenty One Capital 和 ProCap Financial，已完成合并，而八个仍在待定中。像 Empery Digital 这样的公司也转向成立 DAT，旨在利用加密货币升值和收入机会

Record high crypto prices in 2025 fueled a wave of digital asset treasury (“DAT”) companies announcing SPAC mergers, but a major crypto sell-off has turned that enthusiasm into a rout, and DATs that once traded at a premium to NAV now trade at a discount.
<div class="lb-trans">2025 年创下的加密货币价格新高引发了一波数字资产财政（“DAT”）公司宣布与 SPAC 合并的热潮，但一场重大的加密货币抛售将这种热情转变为一场惨败，曾经以溢价交易的 DAT 现在以折扣交易。
</div>Last year, the SPAC market sought to capitalize on the fact that holding $1 of Bitcoin could translate to roughly $2 of market value, a trade pioneered by Michael Saylor’s Strategy Inc. (MSTR). As a result, 10 SPACs announced plans to list newly formed DATs. In a move reminiscent of the 2021 bull market, stocks spiked when deals were merely announced, despite a history of underperformance from crypto de-SPACs. Two of the ten have already listed via SPAC merger – Twenty One Capital (XXI) and ProCap Financial(BRR) – and another eight mergers remain pending. In addition, several already-public companies pivoted to form DATs, including Empery Digital (EMPD). These vehicles were designed to hold and grow digital assets, primarily as a bet on crypto appreciation and a continued premium to NAV, but also through certain income opportunities (e.g. lending, liquidity provisioning).
<div class="lb-trans">去年，SPAC 市场试图利用持有 1 美元比特币可以转化为大约 2 美元市场价值的事实，这一交易由 Michael Saylor 的 Strategy Inc.（MSTR）首创。因此，10 个 SPAC 宣布计划上市新成立的 DAT。与 2021 年牛市时的情况类似，当交易仅仅被宣布时，股票就飙升，尽管加密货币去 SPAC 的历史表现不佳。其中两个已经通过 SPAC 合并上市——Twenty One Capital（XXI）和 ProCap Financial（BRR），另外八个合并仍在待定中。此外，几家已经上市的公司也转型成立 DAT，包括 Empery Digital（EMPD）。这些工具旨在持有和增长数字资产，主要是押注于加密货币升值和持续的净资产溢价，同时也通过某些收入机会（例如借贷、流动性提供）实现收益。
</div><img src="https://imageproxy.pbkrs.com/https://www.renaissancecapital.com/imageuploads/pub1.png" alt="" original-src="https://www.renaissancecapital.com/imageuploads/pub1.png"/>

DAT SPAC: The crypto sell-off has punished digital asset treasury companies, so where does that leave these 10 SPAC deals?

RenaissanceCapital

Grayscale Bitcoin Mini Trust ETF

Empery Digital

Twenty One Capital

Grayscale Bitcoin Trust BTC - ETF

Grayscale Ethereum Staking ETF

比特数字

Core Scientific, Inc.

ALPHAVEST ACQUISITION CORP ORD USD0.0001(S/R 22/01/26)

Bitdeer Tech

Marathon Digital

BitMine Immersion Tech

BTCS

Marpai

Cantor Equity Partners III

InterPrivate III Financial Partners

Bakkt

Grayscale Litecoin Trust (LTC)

AlphaVest Acquisition - Unit

Bitfarms Canada

New Providence Acquisition Corp III

AlphaVest Acquisition

Galaxy Digital

American Bitcoin

Bitwise Ethereum ETF

VanEck Ethereum ETF

GraniteShares 2x Long MSTR Daily ETF

Fidelity Ethereum Fund

ProShares Bitcoin Strategy ETF

ProShares Ultra CRCL ETF

2 倍做多 COIN ETF - GraniteShares

CoinShares Bitcoin ETF

2 倍做多 MSTR ETF - Defiance

iShares Bitcoin Trust ETF

Invesco Galaxy Bitcoin ETF

Invesco Galaxy Ethereum ETF

纳斯达克 NexGen 经济 ETF - Reality Shares

Grayscale Ethereum Mini Staking ETF

区块链 ETF - Amplify

Bitwise Bitcoin ETF

ARK 21Shares Bitcoin ETF

Franklin Ethereum ETF

Proshares Ether Strategy ETF

2 倍做多 Coinbase ETF - Leverage Shares

Fidelity Wise Origin Bitcoin Fund - ETF

21Shares Ethereum ETF

2 倍做多 MSTR ETF - T-Rex

2 倍做多加密货币行业 ETF - Direxion

Bitwise Solana Staking ETF

IShares Ethereum Trust ETF

VanEck Bitcoin ETF

WisdomTree Bitcoin Fund

Valkyrie Bitcoin and Ether Strategy ETF

Grayscale Solana Staking ETF

Franklin Bitcoin ETF

Leverage Shares 2X Long CRCL Daily ETF

Keel Infrastructure

SPAC and New Issue ETF

DAT SPAC：加密货币的抛售已经对数字资产财务公司造成了打击，那么这 10 个 SPAC 交易将处于什么境地？