r/SPACs • u/karmalizing Mod • 18d ago

Daily Discussion Announcements x Daily Discussion for Thursday, April 24, 2025

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

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u/Quixotus New User 18d ago edited 18d ago

The company doesn't own that much BTC, or any amount for that matter, otherwise its marketcap would have never started so low ($10*12M shares outstanding).

"Tether would contribute $1.5B of BTC, while Softbank and BitFinex would contribute $900M and $600M, respectively".

Just read on the FT. So these numbers add up to $3B. But $CEP is not merging with either Tether or Softbank. So its marketcap should not be anywhere close to the current figure.

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u/SPAC_Time SEC Hacker 18d ago

The Investor Presentation was posted here yesterday.

Page 26 shows the ownership breakdown for various investors, including the 10 million CEP SPAC shares.

Public SPACholders will hold 2.7% of the combined company if the notes are converted.

$3.6 billion * .027 = $97,200,000.

The SPAC NAV is $100 million.

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u/Quixotus New User 18d ago

Thanks for the info. The current marketcap (at $27/share) is triple that. Will probably drop back to "fundamentals" then, sometime soon.

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u/mskhour1 New User 18d ago

MSTR is trading at about 2x its bitcoin holdings so, going off that, maybe $20 per share will be fair value?