How Has the SPAC Investor Base Changed
In this SPAC Podcast Spotlight, Managing Director Dimitre Genov of Brookline Capital Markets explains how the SPAC investor base has evolved over the last five years. While event-driven and arbitrage-focused funds remain core participants, other groups now approach SPACs as yield-oriented products or equity opportunities through warrants and rights.
Dimitre also highlights recent shifts in PIPE activity, including growing participation from crypto-native funds, and discusses how sentiment indicators like the SPAC Research Warrant Index reflect renewed investor interest. His perspective provides a clear view of who is still showing up for SPACs in 2025 and what that means for deal flow.
Disclaimer:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, or financial advice.
Connect with the Guest:
Dimitre Genov – Brookline Capital Markets:
https://brooklinecapmkts.com/
LinkedIn: https://www.linkedin.com/in/dimitre-genov-6136182/
View all of their episodes here:
https://www.thespacpodcast.com/guests/dimitre-j-genov/
Connect with the Hosts & The SPAC Podcast:
Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/
YouTube Channel: https://www.youtube.com/@Thespacpodcast
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Contact The SPAC Podcast:
https://www.thespacpodcast.com/contact/
Disclaimers:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Michael J. Blankenship is a licensed attorney and is a partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is intended for informational and educational purposes only and should not be interpreted as legal, financial, or compliance advice. The views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the official policies or positions of any regulatory agency, law firm, employer, or organization.
Listeners are encouraged to consult their own legal counsel, compliance professionals, or financial advisors to ensure adherence to applicable laws and regulations, including those enforced by the SEC, FINRA, and other regulatory bodies. This podcast does not constitute a solicitation, offer, or recommendation of any financial products, securities transactions, or legal services.
Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
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Michael (00:00): Let’s turn to the investor side. Who’s still showing up for SPACs today? Has the investor base changed meaningfully over the past five years?
Dimitre Genov (08:09): Yes, the SPAC investor base has definitely evolved. Some key groups have stayed consistent and remain active — the IPO buyers are still mostly event-driven and arbitrage-focused funds, plus some fixed income-oriented investors who like the downside protection of the cash in trust.
Some investors focus more on yield, treating SPACs like a bond or income product, while others participate for the equity optionality through warrants, rights, or equity positions. What has changed more is on the de-SPAC side.
In 2025, we’ve seen a meaningful uptick in PIPE activity versus prior years, especially in digital assets and crypto-related SPACs where crypto-native funds have stepped in. That momentum is broadening out, with PIPE markets gradually reopening across sectors and more capital staying in trust — another encouraging sign.
A great barometer of sentiment in the SPAC market is the SPAC Research Warrant Index, which is up nearly seven times in the past year — its best run in three years. Since the index tracks the implied value of pre-deal warrants, it provides a useful read on how excited investors are before a deal is announced. What the market seems to be signaling is that optimism is building and capital is being deployed in anticipation of high-quality deal flow.