2025 年創下的加密貨幣價格新高引發了一波數字資產財政（“DAT”）公司宣佈與 SPAC 合併的熱潮，但一場重大的加密貨幣拋售將這種熱情轉變為一場慘敗，曾經以溢價交易的 DAT 現在以折扣交易。
去年，SPAC 市場試圖利用持有 1 美元比特幣可以轉化為大約 2 美元市場價值的事實，這一交易由 Michael Saylor 的 Strategy Inc.（MSTR）首創。因此，10 個 SPAC 宣佈計劃上市新成立的 DAT。與 2021 年牛市時的情況類似，當交易僅僅被宣佈時，股票就飆升，儘管加密貨幣去 SPAC 的歷史表現不佳。其中兩個已經通過 SPAC 合併上市——Twenty One Capital（XXI）和 ProCap Financial（BRR），另外八個合併仍在待定中。此外，幾家已經上市的公司也轉型成立 DAT，包括 Empery Digital（EMPD）。這些工具旨在持有和增長數字資產，主要是押注於加密貨幣升值和持續的淨資產溢價，同時也通過某些收入機會（例如借貸、流動性提供）實現收益。
<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

最近的加密貨幣拋售對數字資產財政（DAT）公司產生了負面影響，導致最初因高加密價格而繁榮的 SPAC 交易下降。十個 SPAC 曾宣佈與 DAT 合併的計劃，但現在的交易價格低於淨資產價值（NAV）。其中兩個 SPAC，Twenty One Capital 和 ProCap Financial，已完成合並，而八個仍在待定中。像 Empery Digital 這樣的公司也轉向成立 DAT，旨在利用加密貨幣升值和收入機會

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 年創下的加密貨幣價格新高引發了一波數字資產財政（“DAT”）公司宣佈與 SPAC 合併的熱潮，但一場重大的加密貨幣拋售將這種熱情轉變為一場慘敗，曾經以溢價交易的 DAT 現在以折扣交易。
</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 市場試圖利用持有 1 美元比特幣可以轉化為大約 2 美元市場價值的事實，這一交易由 Michael Saylor 的 Strategy Inc.（MSTR）首創。因此，10 個 SPAC 宣佈計劃上市新成立的 DAT。與 2021 年牛市時的情況類似，當交易僅僅被宣佈時，股票就飆升，儘管加密貨幣去 SPAC 的歷史表現不佳。其中兩個已經通過 SPAC 合併上市——Twenty One Capital（XXI）和 ProCap Financial（BRR），另外八個合併仍在待定中。此外，幾家已經上市的公司也轉型成立 DAT，包括 Empery Digital（EMPD）。這些工具旨在持有和增長數字資產，主要是押注於加密貨幣升值和持續的淨資產溢價，同時也通過某些收入機會（例如借貸、流動性提供）實現收益。
</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

比特數字

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

納斯達克 NexGen 經濟 ETF - Reality Shares

Grayscale Ethereum Mini Staking ETF

區塊鏈 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 倍做多加密貨幣行業 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：加密貨幣的拋售已經對數字資產財務公司造成了打擊，那麼這 10 個 SPAC 交易將處於什麼境地？