(Bloomberg) YieldStreet Inc., the online firm that offers esoteric investments to affluent individuals, is exploring options including a sale, while also weighing setting up a special purpose acquisition company of its own, according to people with knowledge of the matter.The New York-based company is working with an adviser to solicit interest from potential buyers including blank-check firms, and separately, is in early discussions with potential co-sponsors for its own SPAC, said the people, who requested anonymity because the talks are private. Merging with a SPAC is an increasingly popular way to go public, and some closely held companies have also sought to raise vehicles of their own.Representatives for YieldStreet declined to comment.YieldStreet, started in 2015 and led by founder and Chief Executive Officer Milind Mehere, pitches itself as a source of passive income for investors who have at least $1 million in net worth or make $200,000 or more a year. It helps provide acce
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YieldStreet, led by founder and CEO Milind Mehere, pitches itself as a source of passive income for investors who have at least $1 million in net worth or make $200,000 or more per year. It helps provide access to loan deals backed by assets including commercial real estate, litigation financing and art. Greycroft, Raine Ventures and other venture-capital firms have invested in YieldStreet, as has Soros Fund Management.
Figure, a blockchain lending startup led by former SoFi CEO Mike Cagney, this month raised $287.5 million for a SPAC. In its initial public offering filing, which lists Mike Vranos’ Ellington Management Group as a sponsor, the Figure SPAC said it’s seeking a target that can benefit from Figure’s technology platform, built on Provenance blockchain technology.