Goldenstone Acquisition Ltd, a specialized acquisition firm (SPAC), has announced plans to become a public blockchain-based payments company, Roxe Holding Inc.

- Advertisement -

As of Wednesday ad, SPAC has agreed to a $3.6 billion merger with a global blockchain payments firm that will see Roxe listed on Nasdaq under the ticker ROXE. Roxe is a global payment company that offers business-to-consumer and business-to-consumer payment services with a focus on blockchain technology.

- Advertisement -

According to Reuters report, citing insider sources, none of Roxe’s current shareholders plans to sell their stake after the merger. Roxe said on Tuesday that some shareholders may qualify for a profit if the share price is reached.

- Advertisement -

The agreement comes in an unfavorable market environment in which cryptocurrencies have plummeted in value and investors have largely abandoned specialized acquisition firms of this nature due to poor performance. The total market capitalization of cryptocurrencies has fallen to less than $1 trillion and bitcoin (BTC) has dropped to its lowest level since mid-2021.

The long slump in crypto was fueled by concerns about the spin-off of numerous big players. Sentiment worsened as inflation and interest rates rose and macroeconomic signals weakened.

In addition, the agreement comes a few months after Goldenstone’s IPO, which raised about $57.5 million in capital. These resources will be used to increase Roxe’s financial reserves. It will also be CEO Haohan Xu’s second significant listing deal this year. agreed to a $530 million SPAC deal with Apifiny Group.

Cryptocurrency Focused SPAC Raises $115M in Nasdaq IPO

After a surge in 2020 and 2021, the popularity of SPAC — a typical listing tool for several large crypto companies — is declining this year. Following several fraud allegations, the US Securities and Exchange Commission (SEC) recently outlined more stringent reporting standards for SPAC.