The Latest SPAC News and Rumors: May 3, 2023
by Marlena Haddad on 2023-05-03 at 12:15pm

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  Bridgetown Holdings nears merger with Hyphen, Bhutan’s investment arm and Bitdeer plan a $500M fund for crypto mining, and Ares’s $500M SPAC marks return of jumbo blank-check firms


Billionaire-Thiel Backed SPAC Is Said to Near Merger With Hyphen 

Bridgetown Holdings Ltd. (NASDAQ:BTWN), the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is nearing a merger with financial technology firm Hyphen Group, according to people familiar with the matter.

Bridgetown has conducted due diligence on Hong Kong-based Hyphen and the firms are holding final negotiations with both existing and prospective shareholders, the people said.

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Bhutan Plans a $500 Million Fund for Crypto Mining in the Himalayas 

Bhutan’s investment arm and Nasdaq-listed company Bitdeer Technologies Group (NASDAQ:BTDR) plan to seek investors for a fund worth up to $500 million that will be used to develop green crypto mining in the Himalayan kingdom.

Fund raising targeting institutional investors will begin at the end of May and the goal is to set up carbon-free digital mining that taps Bhutan’s abundant hydroelectric power, according to a joint statement Wednesday.

Bitdeer completed its $4 billion business combination with Blue Safari in April.

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Ares’s $500 Million SPAC Marks Return of Jumbo Blank-Check Firms

A $500 million special-purpose acquisition company backed by Ares Management Corp. (NYSE:ARES) is the first jumbo blank check firm to emerge after more than a year of mostly tiny offerings.

The alternative asset manager’s second blank-check effort shows there’s demand for SPACs amid a backdrop that has seen dozens shut down and a growing number forced to grapple with investors cashing out. Ares Acquisition Corp. II (NYSE:AACT) is the biggest SPAC offering to price since January 2022, when stock markets traded near all-time highs and hundreds of sponsors were still running to join the SPAC gold rush.

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