New Year – New SPACs

The Daily Dish (1/4/21)

Welcome to the Daily Dish. Every morning in your inbox subscribers receive some Dishes that we find interesting and we think that you should know more about.

We’ll try to lob ‘em up to you in a simple, clean format that you can read in 5 minutes before the market opens. (Trust me, we know what it’s like to wake up at 9:23am).

Here’s the first assist 👇

Ex-CEO and COO of Groupon file for a $250 million SPAC

Counterpoint: Groupon is not a success | Fortune
  • On New Year’s Eve, Ark Global Acquisition, a blank check company led by a former Groupon $GRPN CEO and a QIA fund manager targeting disruptive technology, filed on Wednesday with the SEC to raise up to $250 million in a SPAC.

  • The company is led by CEO and Director Rich Williams, current advisor at The Value Studio and former CEO of Groupon, and Chairman Sultan Almaadeed, founder of investment platform ENVST and former fund manager at the Qatar Investment Authority who served as Chairman of the Tender Committee. They are joined by CFO Stephen Krenzer, founder of Trabuco Canyon Advisors and former COO of Groupon. 

  • In 2019, Groupon was said to be pursing an acquisition or merger with Yelp, the San Francisco-based online-review company. The new SPAC could be looking towards completing this merger via another vehicle, or looking to pursue a similar ecommerce businesses. Their connection to Groupon is substantial and is not something to overlook. Ark Global Acquisition plans to list on the Nasdaq under the symbol $ARKI

Bitcoin Rises to nearly $35,000 benchmark – Suddenly Drops 13% as Altcoins Continue to Rise

Bitcoin Roller Coaster
  • The cryptocurrency $BTC surged by $5,000 to above $34,000 in the first three days of 2021, having rallied by over 165% in the final quarter of 2020. The breakout above $30,000 happened alongside large outflows from the Coinbase Pro exchange, a sign of institutions buying the cryptocurrency, according to some analysts.

  • Ether $ETH, the second-largest cryptocurrency by market value, rose to 35-month highs above $1,150 early Monday and is currently trading near $920, representing an 11% gain on a 24-hour basis. Litecoin $LTC is changing hands at its highest since April 2018, at about $160

  • Bitcoin’s one-month implied volatility, which gauges investors’ expectation of how volatile an asset would be over the next four weeks, has risen to near 100%, the highest level since March 2020, according to data source Skew.

    “Bitcoin’s implied volatility has hit a ten-month high because options traders assume that the major moves in the price action over the past ten days – which has seen BTC increase to well over $34,000 – will continue,” Sui Chung, CEO of CF Benchmarks said.

Fusion Acquisition Corp Rumored to be Pursuing an Acquisition of Cryptocurrency Company BlockFi

BlockFi Is Now Paying Interest on $53 Million of Crypto Deposits - CoinDesk
  • Sudden moves up in trading volume of $FUSE last week were coupled with a rumor that they could be pursing a SPAC merger with BlockFi, a leading digital platform that provides crypto savings accounts and crypto-backed loans in addition to supporting live cyrpto trading. Reddit detective canadian2020 expects an announcement of a target for Fusion sometime in Q1 to early Q2. He also found that Fusion Acquisition Corp’s twitter follows only 11 accounts with one of them being BlockFi CEO Zac Prince.

  • Fusion benefits from the experience of Chairman Jim Ross who is currently a senior advisor to State Street. Ross was most recently an executive VP of State Street Global Advisors and chairman of the global SPDR exchange-traded fund retiring in March 2020. Kelly Driscoll, a board director of Fusion Acquisition Corp, spoke about looking at investing in a Robo-advisor. Speaking to Bloomberg, Driscoll said they are interested in Fintechs beyond Robo-advisors. Driscoll said they see Fintech possessing the ability to reduce costs, become more efficient, and better serve the customer.

  • In the S-1 filed with the SEC, Fusion said they do not intend to limit themselves to one segment of Fintech but highlighted wealth management as an area ripe for opportunity. BlockFi’s Crypto-backed loans allow you to access liquidity without selling. By using crypto as collateral, investors can unlock up to 50% of the value of their assets in USD. BlockFi’s fund the investor the same day through wire or stablecoin.

    BlockFi clients our crypto-backed loans to do anything from paying off credit card debt to buying a home. Businesses turn to BlockFi to help them with payroll financing and business expansion. There are many advantages to borrowing instead of selling, including tax benefits.

    If you want to keep HODLing, BlockFi allows you to do just that.

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There’s No I In Trade

My goal is to create a community where people can educate themselves through the world of investing. I can’t do that alone, we need to build this community together. So tell me what you’re loving, tell me what you want to see more of tomorrow.

Disclaimer: This is not financial advice and should not be interpreted as such. I am not a financial advisor. I may currently own or have owned many of the SPACs mentioned above – but that does not mean I am invested now. My investing method is highly risky swing trading which means I am constantly in and out of positions. Please do your own research or hit up the #SPACsquad on Twitter to learn more about SPACs.


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