Digital Asset Acquisition Corp. Announces Pricing of $150 Million Initial Public Offering
Rhea-AI Summary
Digital Asset Acquisition Corp has announced the pricing of its $150 million initial public offering, offering 15,000,000 units at $10.00 per unit. The units will trade on Nasdaq under the symbol "DAAQU" starting April 29, 2025.
Each unit includes one Class A ordinary share and half of one redeemable warrant. Whole warrants can purchase one Class A share at $11.50. Once separated, shares and warrants will trade as "DAAQ" and "DAAQW" respectively.
The company is a blank check company targeting opportunities in the digital asset and cryptocurrency sectors. Cohen & Company Capital Markets leads the offering, with Clear Street as joint book-runner. Underwriters have a 45-day option to purchase up to 2,250,000 additional units for over-allotments.
The offering, expected to close April 30, 2025, is only available through prospectus from Cohen & Company Capital Markets.
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Insights
Digital Asset Acquisition Corp. priced its $150M SPAC IPO targeting cryptocurrency sector acquisitions, following standard SPAC structure with shares and warrants.
Digital Asset Acquisition Corp. has priced its
The units will trade on Nasdaq under ticker DAAQU starting April 29, 2025, with the shares and warrants later separating to trade as DAAQ and DAAQW respectively. The whole warrants will be exercisable at
Underwriters have a 45-day option to purchase up to an additional 2,250,000 units (
This SPAC has declared its intention to target opportunities specifically in the digital asset and cryptocurrency sectors, though no specific acquisition targets are identified in the announcement. As with all SPACs, the company is essentially a cash shell at this stage, with investor returns dependent on management's ability to identify and execute a business combination.
A new $150M SPAC targeting crypto acquisitions signals continued institutional interest in bringing digital asset companies to public markets.
Digital Asset Acquisition Corp.'s
The SPAC structure offers private companies in the digital asset space an alternative path to public markets compared to traditional IPOs. For the cryptocurrency ecosystem, this represents another channel through which private companies might achieve liquidity or access public market capital.
While the press release doesn't detail specific subsectors of interest within the digital asset landscape, the broad focus encompasses the diverse range of businesses operating in blockchain technology, cryptocurrency services, and digital asset infrastructure.
The formation of SPACs targeting the digital asset sector reflects the continuing institutionalization of the cryptocurrency space. This vehicle joins other financial structures that bridge traditional capital markets and the emerging digital asset ecosystem, creating potential opportunities for private blockchain companies to transition to public ownership.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PRINCETON, NJ, April 28, 2025 (GLOBE NEWSWIRE) -- Digital Asset Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units 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, is acting as the lead book-running manager for the offering and Clear Street LLC is acting as joint book-runner for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.
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 is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated, or that the Company will ultimately complete a business combination transaction. 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 and preliminary prospectus for the Company’s 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
