Digital Asset Acquisition Corp. Announces Closing of $172.5 Million Initial Public Offering Including Full Exercise of Underwriters’ Over-Allotment Option
Digital Asset Acquisition Corp has successfully completed its $172.5 million initial public offering (IPO), selling 17,250,000 units at $10.00 per unit on Nasdaq. Each unit includes one Class A ordinary share and half of one redeemable warrant, exercisable at $11.50 per share.
The company's units trade under "DAAQU", with Class A shares and warrants to list separately as "DAAQ" and "DAAQW". A concurrent private placement raised $5.45 million through 5,450,000 warrants at $1.00 each, purchased by DAAQ Sponsor LLC, Cohen & Company Capital Markets, and Clear Street.
As a blank check company, Digital Asset Acquisition Corp aims to pursue business combinations in the digital asset and cryptocurrency sectors. The IPO placed $172.5 million in trust, with Cohen & Company Capital Markets leading the offering and Clear Street acting as joint book-runner.
Digital Asset Acquisition Corp ha completato con successo la sua offerta pubblica iniziale (IPO) da 172,5 milioni di dollari, vendendo 17.250.000 unità a 10,00 dollari ciascuna sul Nasdaq. Ogni unità comprende un'azione ordinaria di Classe A e metà di un warrant rimborsabile, esercitabile a 11,50 dollari per azione.
Le unità della società sono quotate con il simbolo "DAAQU", mentre le azioni di Classe A e i warrant saranno quotati separatamente come "DAAQ" e "DAAQW". Contestualmente, un collocamento privato ha raccolto 5,45 milioni di dollari tramite 5.450.000 warrant a 1,00 dollaro ciascuno, acquistati da DAAQ Sponsor LLC, Cohen & Company Capital Markets e Clear Street.
In qualità di blank check company, Digital Asset Acquisition Corp punta a realizzare fusioni e acquisizioni nel settore degli asset digitali e delle criptovalute. L'IPO ha depositato 172,5 milioni di dollari in un fondo fiduciario, con Cohen & Company Capital Markets come capofila dell'offerta e Clear Street come co-lead manager.
Digital Asset Acquisition Corp ha completado con éxito su oferta pública inicial (OPI) de 172,5 millones de dólares, vendiendo 17.250.000 unidades a 10,00 dólares cada una en Nasdaq. Cada unidad incluye una acción ordinaria Clase A y la mitad de un warrant rescatable, ejercitable a 11,50 dólares por acción.
Las unidades de la compañía cotizan bajo el símbolo "DAAQU", mientras que las acciones Clase A y los warrants se listarán por separado como "DAAQ" y "DAAQW". Paralelamente, una colocación privada recaudó 5,45 millones de dólares mediante 5.450.000 warrants a 1,00 dólar cada uno, adquiridos por DAAQ Sponsor LLC, Cohen & Company Capital Markets y Clear Street.
Como una compañía de cheques en blanco, Digital Asset Acquisition Corp busca llevar a cabo combinaciones comerciales en el sector de activos digitales y criptomonedas. La OPI colocó 172,5 millones de dólares en fideicomiso, con Cohen & Company Capital Markets liderando la oferta y Clear Street actuando como co-líder.
Digital Asset Acquisition Corp는 나스닥에서 단위당 10.00달러에 17,250,000 단위를 판매하며 1억 7,250만 달러 규모의 기업 공개(IPO)를 성공적으로 완료했습니다. 각 단위는 클래스 A 보통주 1주와 행사 가격이 주당 11.50달러인 상환 가능 워런트 0.5개로 구성되어 있습니다.
회사의 단위는 "DAAQU"라는 심볼로 거래되며, 클래스 A 주식과 워런트는 각각 "DAAQ"와 "DAAQW"로 별도 상장될 예정입니다. 동시에 사모 발행을 통해 1달러에 5,450,000 워런트를 판매하여 545만 달러를 조달했으며, 이는 DAAQ Sponsor LLC, Cohen & Company Capital Markets, Clear Street가 인수했습니다.
블랭크 체크 회사인 Digital Asset Acquisition Corp는 디지털 자산 및 암호화폐 분야에서 사업 결합을 추진하는 것을 목표로 합니다. 이번 IPO로 1억 7,250만 달러가 신탁에 예치되었으며, Cohen & Company Capital Markets가 주관사로, Clear Street가 공동 주관사로 참여했습니다.
Digital Asset Acquisition Corp a réussi son offre publique initiale (IPO) de 172,5 millions de dollars, en vendant 17 250 000 unités à 10,00 dollars chacune sur le Nasdaq. Chaque unité comprend une action ordinaire de classe A et la moitié d'un bon de souscription remboursable, exerçable à 11,50 dollars par action.
Les unités de la société sont cotées sous le symbole "DAAQU", tandis que les actions de classe A et les bons seront cotés séparément sous "DAAQ" et "DAAQW". Parallèlement, un placement privé a permis de lever 5,45 millions de dollars via 5 450 000 bons de souscription à 1,00 dollar chacun, achetés par DAAQ Sponsor LLC, Cohen & Company Capital Markets et Clear Street.
En tant que société à chèque en blanc, Digital Asset Acquisition Corp vise à réaliser des combinaisons d'affaires dans le secteur des actifs numériques et des cryptomonnaies. L'IPO a placé 172,5 millions de dollars en fiducie, avec Cohen & Company Capital Markets en chef de file de l'offre et Clear Street en co-chef de file.
Digital Asset Acquisition Corp hat erfolgreich sein Initial Public Offering (IPO) in Höhe von 172,5 Millionen US-Dollar abgeschlossen und 17.250.000 Einheiten zu je 10,00 US-Dollar an der Nasdaq verkauft. Jede Einheit umfasst eine Aktie der Klasse A und eine halbe einlösbare Wandelanleihe, die zu 11,50 US-Dollar pro Aktie ausgeübt werden kann.
Die Einheiten des Unternehmens werden unter dem Ticker "DAAQU" gehandelt, während die Klasse A Aktien und Wandelanleihen separat unter "DAAQ" bzw. "DAAQW" gelistet werden. Gleichzeitig wurde eine Private Platzierung durchgeführt, bei der 5,45 Millionen US-Dollar durch den Verkauf von 5.450.000 Wandelanleihen zu je 1,00 US-Dollar erzielt wurden, die von DAAQ Sponsor LLC, Cohen & Company Capital Markets und Clear Street erworben wurden.
Als Blank-Check-Unternehmen strebt Digital Asset Acquisition Corp Geschäftsverbindungen im Bereich digitaler Vermögenswerte und Kryptowährungen an. Das IPO brachte 172,5 Millionen US-Dollar in einen Treuhandfonds ein, wobei Cohen & Company Capital Markets das Angebot leitete und Clear Street als Co-Bookrunner fungierte.
- Successfully raised $172.5M through IPO at $10 per unit
- Full exercise of over-allotment option by underwriters, indicating strong demand
- Additional $5.45M raised through private placement of warrants
- Listed on Nasdaq Global Market, providing strong market visibility
- Focused strategy targeting digital asset and cryptocurrency sectors
- Blank check company with no operating business yet
- No specific acquisition target identified
- Potential dilution from warrant exercises at $11.50 per share
- Success entirely dependent on finding suitable acquisition target
Insights
Digital Asset Acquisition Corp. completes $172.5M SPAC IPO targeting crypto sector; impact depends on future acquisition target.
Digital Asset Acquisition Corp.'s successful IPO marks the formation of a $172.5 million SPAC specifically targeting the cryptocurrency and digital asset sectors. The company sold 17.25 million units at $10.00 each, with the underwriters fully exercising their over-allotment option - suggesting solid initial demand for this offering.
The standard SPAC structure includes one Class A ordinary share and one-half warrant per unit, with whole warrants exercisable at $11.50. Notably, the company also raised $5.45 million through a private placement of warrants at $1.00 each, primarily purchased by the sponsor and underwriters, which aligns their interests with the SPAC's performance.
The full proceeds have been placed in trust, creating a foundation valuation while management searches for an acquisition target. Cohen & Company Capital Markets led the offering as book-runner, bringing established financial market expertise to the table.
This SPAC now enters its search phase with a clear sector focus - digital assets and cryptocurrency businesses. The successful capital raise demonstrates investor appetite for vehicles providing potential exposure to the blockchain ecosystem through familiar public market structures. However, as with all SPACs, the ultimate value creation hinges entirely on management's ability to identify and acquire a suitable target company within the typical timeframe.
The emergence of Digital Asset Acquisition Corp. adds a significant $172.5 million pool of acquisition capital specifically targeting the cryptocurrency and digital asset sectors. This development creates another pathway for established blockchain companies to access public markets without pursuing traditional IPOs.
What makes this SPAC notable is its exclusive focus on digital assets, signaling that the management team sees sufficiently mature acquisition candidates with business fundamentals that can withstand public market scrutiny. For private companies operating in the blockchain space, this represents a potential liquidity option beyond traditional venture capital or private equity funding.
The SPAC structure offers potential target companies a more negotiated path to public markets, with typically faster timelines and more predetermined valuations than traditional IPO processes. While no specific acquisition targets are mentioned, the successful completion of this offering demonstrates continuous institutional interest in creating investment vehicles that provide exposure to the digital asset ecosystem.
For investors seeking cryptocurrency sector exposure through familiar market structures, this SPAC could eventually provide an entry point once an acquisition target is identified and completed. However, the ultimate value proposition depends entirely on the specific company Digital Asset Acquisition Corp. eventually acquires - which remains unknown at this stage.
PRINCETON, NEW JERSEY, April 30, 2025 (GLOBE NEWSWIRE) -- Digital Asset Acquisition Corp. (Nasdaq: DAAQ) (the “Company”) today announced the closing of its initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a public offering price of
The units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “DAAQU” on April 29, 2025. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “DAAQ” and “DAAQW,” respectively.
Concurrently with the closing of the initial public offering, the Company closed on a private placement of 5,450,000 warrants at a price of
Digital Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the digital asset and cryptocurrency sectors.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the lead book-running manager of the offering. Clear Street LLC acted as the joint book-runner of the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination and the anticipated use of the net proceeds of the initial public offering and simultaneous private placement. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Peter Ort
Principal Executive Officer and Co-Chairman
Digital Asset Acquisition Corp.
pete@curaleaassociates.com
FAQ
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