The Bitcoin treasury deals that dominated the early months of last year’s revival of the special purpose acquisition company market have disappeared along with the plunge in Bitcoin prices. Bitcoin peaked in October and has since fallen roughly 50 percent.By yearend only 11 percent of the 144 SPACs that went public in 2025 were Bitcoin treasury deals, according to SPACInsider. And the two most-hyped deals — which have already sealed mergers in what is called a DeSPAC — have collapsed in value.
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