Used to do a lot with SPACs. Now back to doing a lot with SPACs. I also post things to make myself chuckle. If you are amused, it is a nice bonus.

Not Investment Advice, USA
Joined February 2017
SPACuity retweeted
$JATT with a nice deal today. I like clean readthrus. $AMAN and $JATT have the same CFO. $AMAN Chairman is CEO of $ZURA, which merged with Jatt Acq I. He also co-founded and was CEO for several years of Tourmaline Bio. I've been aggressively averaging up on $AMAN today, still barely a dime over NAV
I've built $AMAN into a top three position. Small trust/warrantless healthcare SPAC; probably deserves a discount to $RACC and $JATT ($AMAN shares relationships with $JATT). Chairman was a co-founder of Tourmaline. Decent optionality at only 7-8 cents over NAV vs 30+ cents over
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I’m long $PCSC. Best chance since $BRUN to see a sustained move upon de-spac IMO. Legit PIPE investors.
$PCSC has a small trust size. A $240 million "no funny business" common equity PIPE at $10. Public comps such as $GH that have been performing well. FDA approval on their initial SimpleScreen CRC test should be this summer. Minimal premium to NAV (had traded over $14 before).
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Andrew Ross Sorkin interviewing Ryan Cohen about $GME’s bid for $EBAY on CNBC today
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The $GME proposed acquisition of $EBAY is even dumber than it sounds, which is why he refused to answer @andrewrsorkin's basic questions this am. To start, the ACTUAL proposal is not GME acquiring EBAY: GME is the seller, not the buyer. Ryan Cohen is asking eBay to acquire GME, fire eBay's CEO, and let Ryan run the business. Onto the dumbness of the proposal details: The idea is 50% cash / 50% stock for roughly $56 billion of consideration to eBay. Pundits note GME's ~$11.1B market cap and ~$9B of existing cash. BUT THAT DOUBLE-COUNTS. Of GME's ~$11.1B market cap, ~$9B IS THE CASH. Or 81% of the market cap. If I have a company worth $110 with $90 of net cash, it's not worth $180: the cash is worth $90, and the company ex-cash is worth $20 = $110. As shown below, if GME pays eBay the ~$9B in existing cash, the remaining market cap (from eBay's perspective) is ~$2.1B. GME shares are worth ~$5/share ex cash. To issue $28 billion of GME shares, it has to issue ~5.6B of new shares to eBay (vs 590B FD GME shares today), giving eBay 90%+ of the post-deal shares (+ $28 billion of cash to eBay owners). To be clear, GME is proposing that eBay acquire GME, with GME owning 10% of the CombinedCo. In 2026, eBay is expected to generate $2.8B of free cash flow vs $500 mm by GameStop (15% of combinedco). eBay revenue is expected to GROW 9% in 2026 while GME's is expected to shrink 1% (and has shrunk >40% in 5 years). So eBay brings 85% of the cash flow and is growing, and gets 90% of a newco that is dragged down by GameStop's declining revenue. To compensate for owning a lower quality CombinedCo, it levers up and pays legacy eBay $62/share in cash. However, that cash is financed by the quality of eBay's business, not GameStop. eBay doesn't need GameStop to recap its existing business - it could do so and continue to own 100% of the better business. Ultimately, this is GME attempting to swap into a better business by selling itself to eBay, not vice versa. Everyone knows this deal won't happen, Ryan Cohen included.
Ryan Cohen responding to absolutely normal questions from @andrewrsorkin this morning.
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Layoffs inc
This is the first AI cut. And it will send shockwaves. Remember: Jack is one of the greatest founders of all time. He created this platform that we’re all on, and has been early to many technological shifts. And Block was doing very well as a business. So, for him to cut 40% of headcount in this way is a signal to everyone in tech: get good now. Become indispensable. Work nights and weekends. Learn the AI tools and raise your game. Or you might not make the cut, as an employee or as a company. I know. That sucks. But capitalism is natural selection. The market is unforgiving, because you are the market. After all, it’s not like you’re buying some random gallon of milk from the store; you’re always buying the best product at the best price. So too for apps: your customers are always installing the best piece of code they can get. And because AI is going to create new winners, if you aren’t the best in your market, someone may become better with AI. Particularly with the new agentic workflows. To be clear: Block’s severance is generous by any measure. 20 weeks of pay, six months of health insurance and vested equity, all of that goes far beyond any typical package. Jack did his level best to cushion the disruption. The laid off are a temporarily unfortunate class, as opposed to a permanent underclass. But had he not leaned into the AI transition, he might have had to lay off more people, slowly, and over time, as faster competitors went after his market share. How would they do that? Sure, AI isn’t a panacea by any means, but the closer you are to software engineering the more aggressively you need to embrace agentic workflows. The AI companies are already doing that, and places like Stripe, Shopify, Coinbase, and now Block are pushing hard on this area. There will be overcorrection. But the fundamental technical innovation is real. And you need to either disrupt yourself or get disrupted.
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🚨 It’s 1:00 a.m. in Iran. Here are my 15 key observations from Day 12 of nationwide protests [January 8]: 1️⃣ The largest anti-regime protests of the Islamic Republic’s 47-year history unfolded on Day 12. When aggregated nationwide, turnout reached multi-million levels. 2️⃣ Since the unrest began, protests have been reported in at least 111 cities across all 31 provinces, underscoring the truly national scope of the uprising. 3️⃣ Today’s protests followed the first-ever direct call by Crown Prince Reza Pahlavi, scheduled for 8:00 p.m. The response was widespread and visible across major cities. 4️⃣ Another nationwide call has already been issued for tomorrow at 8:00 p.m. Observers say the movement still has room to grow. 5️⃣ Analysts argue that the success of today’s call and dominant street slogans have effectively solidified Reza Pahlavi’s position as the central figure of the protests. 6️⃣ One of tonight’s largest demonstrations took place in Mashhad, Khamenei’s hometown and a city tightly controlled by his inner circle—a major symbolic blow. 7️⃣ In Tehran, protests expanded into more affluent neighborhoods like Vanak for the first time. Drivers joined in with continuous honking, while bazaar merchants went on strike in around 50 cities nationwide. 8️⃣ Student protests have erupted at 36 universities so far, with openly anti-regime slogans—an important escalation across generations. 9️⃣ Iranian human rights groups report at least 45 protesters killed, including 8 children, and hundreds injured. Yesterday alone saw 13 deaths, making it one of the bloodiest days so far. 🔟 Calls are growing—by both Iranian and non-Iranian activists—for world leaders to engage directly with Crown Prince Reza Pahlavi, including renewed attention to a potential meeting with Donald Trump and the provision of resources to help him better lead the uprising. 11. Trump, in a recent interview, reiterated warnings to the regime and said of Pahlavi: “I’ve watched him, he seems like a nice person—but I’m not sure this is the right moment, as president, to do something like that.” 12. State media, while forced to acknowledge unrest, are pushing a narrative of “small crowds” and emphasizing alleged attacks on security forces—a pattern analysts warn may signal preparation for harsher repression. 13. Meanwhile, rare pro-regime gatherings were staged, alongside headlines declaring “the defeat of counter-revolutionaries”—widely seen as damage control. 14. Social media (Instagram) ahead of protests showed unprecedented public coordination and solidarity: shop closures announced in advance, emotional farewell messages, and strong virtual participation even from those unable to attend. 15. Outlook: Protests are expected to continue in the coming days—especially tomorrow. The movement’s success will hinge on the public’s ability to neutralize the Islamic Republic’s repressive apparatus. So far, the regime appears not to have deployed its full coercive capacity, relying instead on mass arrests and widespread injuries. If protests advance to the point of overrunning security and state institutions, the regime may resort to large-scale lethal violence. The role of Israel and the United States is crucial to the success of the protests. So far, there are no clear signs that the regime’s repressive apparatus is cracking.
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$HYAC 🤝✅ OFFICIAL DA: SunTx Capital Partners' Portfolio Company, Suncrete, to Pursue Listing on the New York Stock Exchange through a Proposed Business Combination with Haymaker Acquisition Corp. 4 prnewswire.com/news-releases…
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SPACuity retweeted
Replying to @elonmusk
The motto of 95% of SPAC sponsors.
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Replying to @SPACuity
Yorkville is the arena
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The good news is Cook will soon be able to refinance at a much lower rate.
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SPACuity retweeted
$ATNF $BMNR $BTBT $BTCS $DYNX $FGF $FGNX $GAME $SBET Daily DAT Update (Wed 8/13/25): $FGNX f/k/a $FGF deploys $200mm from its private placement and now holds 47,331 ETH. Remember they have a fresh $4bn ATM, but it’s pretty much useless at $5mm ADTV. The good news is that they can always pivot back to peddling CBD meds if the DAT play doesn’t work out. ETH ATH’s within striking distance but most of the group gap-fill early morning pop until power-hour, which led a few higher into close. Volumes strong-ish at $9 billion, dominated by Thiel-backed $ATNF $BMNR which account for 84% of total. BMNR prints $6.5bn in vol but ends in the red, marking the end of a 6-day up-only tear.
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$GSRT I was told that the addition of options would lead to rocket ships.
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SPACuity retweeted
Just having a little fun here while we (maybe?) wait for a DA. This is my version of a Chamath one-pager. “Buffett has Clayton Homes. I have Boxabl.” $FGMC @BOXABL
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I think $BMNR actually managed the PIPE unlock pretty good tbh, at one point their NAV was $4 and their stock was $160, an absurd 40x. Now on unlock the stock is $29 and their NAV is $23 for a 1.26x. If they had not raised NAV by 6x it would’ve been the original scenario I shared with a massive drop on PIPE unlock to below $10. They also managed to become the largest ETH treasury co and likely lead SBET for a while now because $SBET only sold $79M before PIPE unlock while BMNR played it a lot more aggressive selling over $2B before unlock. These sales are big because they are at a massive premium which helps significantly increase NAV. Now the 2 are on a level playing field and BMNR has quite a head start size wise (will see exactly tmrw when SBET PRs but probably a billion $ lead for BMNR). Now we get to see what other tricks both have up their sleeves going forward.
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SPACuity retweeted
Replying to @vik_mittal
$BMNR $SBET $SQNS $BTCS; "compressing" probably a better word than collapsing. But $BMNR now less than 1.5X mNAV, no longer 20X. $SBET probably very similar math.
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This cycle is funny because not only are we tokenizing stocks we're also securitizing tokens Inevitable convergence It'll be bumpy though
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SPACuity retweeted
I'm continuously amazed at both the intense depth of knowledge and the intense lack of knowledge on FinTwit on how to value a stock. And no guarantees which category is going to make the most money either. Often the latter group haha.
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Just to clarify what's happening with $BMNR for crypto or other ppl trading this that don't know what's going on and why it's in no man's land for now This has been a classic low float trade until now, where there's only been about 4.5M shares available to trade, these shares get bought up and volume sends it into orbit They sold 55.56M shares at $4.5 to private investors (PIPE) to raise $250M to buy $ETH, these shares are not unlocked yet, when they unlock (sometime in next week or two prob) these investors will start dumping since they are up 14x right now in 2 weeks, plus float will increase by 12x Today they filed an at the market (ATM) offering that allows them to sell up to $2B whenever they want, this will also increase float (but increase NAV which is a positive as it is used to buy ETH) Now that they have an ATM and can increase float this is going to be heavier as they will look to capitalize on the enormous NAV premium. Until the PIPE unlocks it's not good to trade since they can dump now and PIPE could unlock any day increasing float by 12x. Once PIPE unlocks it should provide good opportunity to buy in at a more reasonable premium. I will look to buy back in then but not trading either in the meantime.
People still buying $BMNR at 13x NAV when they’ve just filed a $2B ATM and the PIPE still isn’t registered
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