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SPAC short-sellers were up over $500 million in mark-to-market profits over 30 days. The increasing profits came amid a steep decline in SPAC market sentiment and performance. S3 Partners shared the 10 most profitable wagers as skeptics sold short another $265 million shares. Short-sellers are descending on the SPAC market and making a killing out of it. Investors betting against these so-called blank-check companies were up more than $500 million, or 16.92%, in net-of-financing mark-to-market profits in the 30 days through April 22, said a Thursday research note by Ihor Dusaniwsky, the managing director of predictive analytics at S3 Partners. The increasing dollar value of bearish bets is in line with a downward sentiment shift in the SPAC market, which started showing cracks in early March when skeptics tripled their bets against SPACs to $2.7 billion from $724 million at the start of the yea ....
Investors are viewing the recent slump and volatility in SPAC names differently, and some of them have placed massive shorts on high-profile SPACs. ....
For some SPAC investors, it s a welcome change. Julian Klymochko, who runs the active SPAC-focused Accelerate Arbitrage Fund (ARB), said he was very happy to see the correction. The Canadian investor employs what he calls a simple but not easy SPAC arbitrage strategy, which distills down to buying a SPAC at or below its net asset value (or trust value) and capitalizing on the option of redeeming shares in two years or less. The strategy fared well amid the SPAC boom last year and was up about 30%, Klymochko told Insider. This year, despite a record 228 SPACs having raised $73.2 billion as of March 8, Klymochko was left starving for opportunities. ....
Matthew Tuttle is the chief executive and chief investment officer of Tuttle Tactical Management. This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Matthew Tuttle is the chief executive and chief investment officer of Tuttle Tactical Management. He manages the $147.2 million SPAC and New Issue ETF, which has returned 12.94% this year. Tuttle shares his three-part SPAC picking strategy and three of his favorite blank-check companies. Just like the newly filed Do It Again Corp., SPACs are doing it again breaking the record month after month. According to Goldman Sachs, 90 Special Purpose Acquisition Companies raised $32 billion in IPO capital in February, the largest issuance month on record. Year-to-date, 204 blank-check companies have raised $65.4 billion compared to the $83.4 billion raised by the 248 SPACs last year, according to ....
Mark Yusko Morgan Creek Capital Management launched the third ETF to capitalize on the SPAC boom. Founder Mark Yusko breaks down the strategy and how it could be beneficial in a bear market. Yusko, a crypto bull, shares 3 other sectors to watch amid the SPAC frenzy. Special Purpose Acquisition Companies have been among the most talked-about investing trends of the past year. After all SPAC launches in 2020 more than tripled from 2019, according to SPAC Insider. Everyone seems to have one, from Colin Kaepernick to Bill Ackman to Billy Beane. Now, they are even the subject of a rap song called SPAC Dream , which has over 98,000 YouTube views. ....