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The whole lifecycle, verified against the filings.
Definitive (DA signed)
Summed over 2 of 4 filed.
No dated vote for these deals is on file with us yet — our record, not the companies' calendars.
More equity than the headline, over 2 of 4 measured.
A definitive agreement is signed and the vote is still ahead, so the redemption right survives to it.
The list is grouped by lifecycle stage and the sort orders rows inside a stage: a vote that has already passed and one still ahead are not the same list. An announced deal is not a closed deal — 2 of the combinations in our record were terminated. A premium to trust is a selling point, not a buying point — and once a vote has passed there is no redemption right left to price against. Every stage, target and figure here is read from the SEC filing that stated it; where a figure is missing it is missing from our record, and the page says so rather than estimating one.
0 of 4 deals in this view carry a dated vote or a stated close period. Where the Vote column is empty, the filings we hold state neither — that is a gap in our record, not a claim that the parties have no timetable.
Sorted inside each stage.
Abra Financial Holdings, Inc. is a San Francisco-based digital asset wealth management platform founded in 2014 by Bill Barhydt, a former Goldman Sachs fixed income analyst and former Netscape director. The company operates through two core units, Abra Capital Management (ACM) and Abra Tokenize, positioning itself as one of the few U.S. platforms offering a comprehensive suite of crypto wealth services under an SEC-registered investment advisor framework with fiduciary duties. Abra serves high-net-worth individuals, family offices, institutional clients, RIAs, corporate treasuries, and exchanges, providing segregated custody using multi-party computation wallet technology, spot trading across more than 500 digital assets, collateralized lending, structured yield strategies, and advisory services through separately managed accounts or "vaults." Client assets are held off Abra's balance sheet in segregated, client-titled accounts. The platform has processed over $10 billion in transaction volume and more than $2.5 billion in loans, with current assets under management exceeding $200 million and operations supporting clients across all 50 U.S. states. Revenue streams derive from management and custody fees, trading and conversion, lending and collateral services, yield participation, and token monetization. The company has raised over $85 million in total funding, including a $55 million Series C round in September 2021 backed by investors such as American Express Ventures, Blockchain Capital, Kingsway Capital, and CMT Digital Ventures. Earlier backers include Adams Street, Pantera Capital, RRE Ventures, and SBI. Abra's 2025 actual net revenue was approximately $5 million, but management projections presented in SPAC deal materials forecast 2027 revenue in a range of $160 million to $205 million, with a base case of roughly $175 million, and target assets under management of $10 billion to $14 billion by the end of 2027. The company reported $543 million in new deposits during 2025. Barhydt has emphasized that Bitcoin, stablecoins, and the tokenization of real-world assets are becoming the backbone of the future financial system, and that demand for crypto-backed loans and stablecoin-based yield will increase dramatically. Abra also intends to hold digital assets, primarily Bitcoin, on its corporate balance sheet post-merger, with management discussing a potential illustrative allocation range of $100 million to $150 million. On March 16, 2026, Abra announced a definitive business combination agreement with New Providence Acquisition Corp. III (NPAC), a special purpose acquisition company, in a transaction valuing Abra at $750 million pre-money equity value. The SPAC holds approximately $300 million in trust, and the deal could deliver up to $270 million in proceeds to Abra assuming zero redemptions, though the merger agreement requires a minimum of $40 million in net cash at closing, allowing the transaction to proceed even under heavy redemption scenarios. No PIPE financing was disclosed. Existing Abra shareholders, including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI, agreed to roll 100% of their equity into the combined entity, which will be renamed Abra Financial, Inc. and listed on Nasdaq under the ticker ABRX. The transaction is expected to close in mid-2026, subject to SEC effectiveness of a Form S-4 registration statement, shareholder approval, and customary closing conditions. The implied pro forma enterprise value is approximately $846.3 million, based on 112.7 million pro forma shares outstanding at an assumed $10.00 share price and roughly $280 million in net cash on the balance sheet. Abra chose the SPAC route to gain expedited access to public capital markets and a public currency for growth, while leveraging the structure's ability to present forward-looking projections, including revenue and AUM targets through 2027, which would not appear in a traditional IPO prospectus in the samore ▾less ▴ |
| BACCBlue Acquisition Corp/CaymanNo date ahead | Blockfusion USA, Inc. | Crypto | — | Jul 31, 2026 | $10.53 | -1.2% | Definitive (DA signed) | 6868 | Blockfusion USA, Inc. is a clean-energy-powered data center infrastructure company founded in 2019 by Alex Martini-Lo Manto (CEO) and Kant Trivedi (COO). The company owns and operates a flagship facility in Niagara Falls, New York—through its subsidiary North East Data, LLC—that was repurposed from a retired coal plant into a hydroelectric-powered data center. Blockfusion currently deploys approximately 46 megawatts of Tier 1 capacity and is undergoing a strategic transition from its origins in bitcoin-mining-adjacent hosting into a next-generation high-performance computing (HPC) and AI infrastructure platform. The Niagara Falls campus sits in NYISO Zone-A, offering sub-millisecond latency to Toronto and roughly 3.75 milliseconds to both New York City and Boston, straddling a strategic cross-border power and fiber corridor within New York's SMART I-Corridor innovation hub, surrounded by major technology companies including Tesla, Yahoo!, and Micron Technology. The company's management team brings over 100 years of combined experience in data center infrastructure, and director nominee Aber Whitcomb—CEO of Salt AI and co-founder of Core Scientific—is expected to join the post-closing public company board. The company's core growth plan involves a phased campus buildout that could ultimately support more than 300 megawatts of critical IT capacity. Blockfusion has entered into a non-binding letter of intent with an unnamed leading AI customer for up to 300 MW of total capacity, anchored by 85 MW of guaranteed take-or-pay capacity delivered in tranches over a 15-year initial term with two five-year renewal options. The company estimates that the 85 MW guaranteed portion alone could generate approximately $2.8 billion in lease revenue over the initial 15-year term, or roughly $5.4 billion over 25 years if both renewals are exercised. The facility is being upgraded to Tier 3 architecture with liquid cooling and power densities of up to 200 kW per rack to support ultra-high-density GPU clusters for enterprise AI workloads, with the first 25 MW targeted for delivery during 2027. Blockfusion continues to generate some revenue from hosting Bitcoin mining equipment for existing customers during this transition, and management projects net revenue rising from approximately $3 million in 2026 to as much as $160 million by 2030, with EBITDA potentially reaching $100 million in 2029 at full deployment of the 85 MW phase. On November 19, 2025, Blockfusion announced a definitive business combination agreement with Blue Acquisition Corp. (NASDAQ: BACC), a Cayman Islands-based SPAC that raised approximately $201.25 million in its IPO and held roughly $204 million in trust. The all-stock transaction values Blockfusion at a $450 million pre-money equity value (implied pre-money enterprise value of $480 million), with Blockfusion security holders receiving Pubco stock valued at an aggregate $450 million. The combined entity is expected to trade on Nasdaq as Blockfusion Digital Infrastructure, Inc. (ticker BDI), with closing contingent on shareholder approvals, SEC registration effectiveness, Nasdaq listing, PCAOB-audited financials, and a minimum of $75 million in available cash after redemptions and expenses. To support the transaction and the Niagara campus buildout, Blockfusion has secured non-binding term sheets for a $175 million private placement of convertible senior notes backed by funds managed by Sona Asset Management, along with a non-redemption agreement covering approximately $33 million of Blue's trust shares. The parties also contemplate a potential common equity PIPE to deliver up to $200 million in proceeds to the go-forward business. Blockfusion is pursuing the SPAC route rather than a traditional IPO because it provides a faster path to public capital and allows the company to present long-range operating projections as part of the transaction materials—critical for a company asking investors to underwrite a large, power-intemore ▾less ▴ |
| SBXDSilverBox IVNo date ahead | Parataxis Holdings LLC | Crypto | $800M | Oct 31, 2025 | $10.87 | -0.1% | Definitive (DA signed) | 7474 | Parataxis Holdings LLC is a New York-based, Bitcoin-native institutional digital asset management platform and an affiliate of Parataxis Capital Management LLC, a multi-strategy investment firm focused on the digital asset sector that was founded in 2019 by Edward Chin. The firm combines Bitcoin exposure, proprietary growth opportunities, and accretive yield generation through institutional-grade management and execution. Parataxis Capital Management manages multiple commingled hedge fund vehicles and provides sub-advisory services for institutional allocators, family offices, fund-of-funds, and high-net-worth individuals, while Parataxis Holdings is specifically focused on Bitcoin treasury and other digital asset investment opportunities. The company targets institutional investors seeking Bitcoin exposure through proprietary strategies and aims to capitalize on the growing demand for Bitcoin as a treasury and strategic asset, drawing inspiration from the BTC treasury models pioneered by Strategy (formerly MicroStrategy) in the U.S. and Metaplanet in Japan. Parataxis has been pursuing an ambitious international expansion strategy, particularly in South Korea, which it identifies as an underserved market with significant digital asset demand. In June 2025, Parataxis entered into a definitive agreement to acquire a controlling interest in Bridge Biotherapeutics, Inc. (KOSDAQ: 288330) for KRW 25 billion (approximately $18.3 million), transforming the clinical-stage biotech company into South Korea's first institutionally-backed, publicly-listed Bitcoin treasury and mining platform, renamed Parataxis Korea. Andrew Kim, a Partner at Parataxis Capital, assumed the role of CEO of Parataxis Korea, while Edward Chin joined as Chairman. By October 2025, Parataxis Korea had accumulated over 150 BTC through disciplined accumulation during market pullbacks, closed a KRW 10 billion (approximately $7 million) capital raise supported by both Korean and U.S. institutional investors, and announced its intent to acquire 1,150 ASIC miners producing 224 petahash of hashrate to establish a vertically-integrated BTC yield platform expected to deliver approximately 60% EBITDA margins and make the company cash-flow positive in fiscal year 2026. The firm also announced a definitive agreement with Sinsiway Co. Ltd. (KOSDAQ: 290560) to bring an institutionally-backed Ethereum treasury company to the South Korean public markets. Parataxis is going public via a SPAC merger with SilverBox Corp IV (NYSE: SBXD), a special purpose acquisition company sponsored by an affiliate of SilverBox Capital that completed its $200 million IPO in August 2024. The business combination is expected to deliver up to approximately $240 million to Parataxis Holdings, subject to SBXD shareholder redemptions, including $31 million of equity to be funded immediately for Bitcoin purchases. Additionally, Parataxis has entered into a share purchase agreement permitting it to issue and sell up to $400 million of equity, which combined with the SPAC proceeds could provide up to $640 million in gross proceeds to support the execution and acceleration of its BTC treasury strategy. Upon closing, the combined company plans to trade on the New York Stock Exchange under the ticker symbol PRTX. Joe Reece, co-managing partner at SilverBox Capital, described the merger as an opportunity to introduce a unique and highly scalable digital asset management platform to the public markets, noting that the SPAC's management team had prior experience completing business combinations with companies including Black Rifle Coffee Company and Atlas Technical Consultants. The SPAC route provides Parataxis with a faster path to public markets and access to substantial capital to fund its Bitcoin treasury accumulation strategy at scale, while simultaneously leveraging its existing South Korean public market presence through Parataxis Korea to create a cross-border institutional Bitcoin platform. |
| XRPNArmada II | Pathfinder Digital Assets LLC | Crypto | $1.4B | Oct 19, 2025 | $10.55 | -0.6% | Definitive (DA signed) | 7575 | Verified from primary filing (was "Evernorth (Ripple)"). Filing identifies Pathfinder Digital Assets LLC as 'the Company' in the Business Combination Agreement with SPAC Armada Acquisition Corp. II; Evernorth Holdings Inc. is Pubco (the post-merger public entity) and Ripple Labs Inc. is a additional party to the agreement, not the operating-company target being acquired.more ▾less ▴ |