The Crypto-SPAC Convergence and What’s Next
In this episode of The SPAC Podcast, Louis Camhi breaks down the evolving relationship between SPACs and the crypto space and where investor attention is shifting next. He highlights recent high-profile transactions, including Cantor Fitzgerald’s CEP deal, which gave investors exposure to Bitcoin through a listed equity vehicle.
Louis also points out that while digital asset treasury models initially gained traction, the market is starting to shift. Investors are now looking for operating crypto businesses with real cash flow, not just token exposure. With new SPAC sponsors entering the market from crypto-native backgrounds, Louis sees strong potential but reminds listeners that the “blind pool” nature of SPACs means execution is everything.
Connect with the Guest:
Louis Camhi – SPAC Investor & Fund Manager
LinkedIn: https://www.linkedin.com/in/louis-camhi-aa3464b/
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https://www.thespacpodcast.com/guests/louis-camhi/
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Michael Blankenship LinkedIn:
https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn:
https://www.linkedin.com/in/joshuabrucewilson/
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#SPACs #Crypto #DigitalAssets #SPACPodcast #CapitalMarkets #Bitcoin #DeSPAC
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.
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.
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Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
👉 ...
Michael Blankenship:
So you mentioned crypto can you discuss the intersection between crypto and SPACs?
Louis Camhi:
Sure. One of the most successful recently announced SPAC transactions is CEP, led by Cantor Fitzgerald. The stock is currently trading at $25. The pro forma company is effectively a digital asset treasury, with a large position in Bitcoin. So for bullish investors looking for exposure, this is an equity security that can potentially offer that with added capital flexibility via convertibles, ATMs, etc.
Since then, we’ve seen more SPAC activity in the space. Anthony Pompliano launched a similar vehicle (ticker: BRR), and Cantor’s second SPAC (CEPO) followed suit. Other SPACs like Dynamics and MBAV have also entered the conversation. The theme is resonating, but we’re also starting to see fatigue around pure treasury-style plays.
Investors are signaling that they now want real crypto businesses operating companies with revenue, structure, and cash flows not just vehicles to hold tokens. We’re also seeing a wave of crypto-native SPAC sponsors enter the market. Whether they deliver depends on the execution, but it’s an exciting moment for crypto-SPAC convergence.
Louis Camhi
Chief Investment Officer
Louis Camhi is CIO of RLH Capital, LLC where he is responsible for oversight of all investment management and operational functions on a day-to-day basis. Mr. Camhi previously worked at Citadel as an Analyst, managing a $500 million equity long/short portfolio. Prior to Citadel, Mr. Camhi was a Senior Analyst at Three Corner Global LP, a fundamental long/short equity hedge fund manager. Mr. Camhi started his career at Credit Suisse where he worked as an analyst and was promoted to associate in the Mergers and Acquisitions group. Mr. Camhi received his Bachelor of Science in Finance and Accounting from the Leonard N. Stern School of Business at New York University in 2009.