RLH Capital's Q2 2025 Investor Letter is out:. Our strongest quarter since inception. Grateful to our LPs for your continued trust and support. If you're an accredited investor or simply want to talk #SPACs, we’d love to connect.

$CSLM $CSLMF $CSLRF. 8-K out, didn't disclouse redemptions, but gave teh following timing update:. CSLM currently expects to close the Business Combination with Fusemachines in the coming days.

$CSLMF $CSLRF. Hopegully the company has a PR campaign to raise awareness into the close. Thank you @CallsPuts1 for flagging.

$CSLM $CSLMF. I think the rights $CSLRF are interesting (10 rights = 1 share), we own them, anyone else?. * Deal Vote was Yesterday.* Sponsor has invested ~$20mm into the target via direct investments and PIPE.* AI Theme.* Deal was announced in Q1 2024 and IMO has been forgotten.

$CCCM @APompliano allocating his 15% share in BTC upside to the trust investors. CCCM and ProCap BTC have elected to reallocate such adjustment shares to the CCCM public shareholders who do not redeem their shares of CCCM in connection with the closing of the proposed.

There have been countless threads on Digital Asset Treasuries “DATs”, but here is what I think everyone should know after reviewing 15+ of these deals and investing in several. Apologies for the length of this post. As you may know from following me, my background is more SPACs.

Thanks @maxwiethe! As always, enjoyed the conversation and appreciate you putting up with my tech while traveling!.

$UPXI @UpexiTreasury @UpexiAllan @thetinyant . Based on current $SOL prices we estimate NAV per share of ~$3.75.

$MEIP We're pleased to continue participating in compelling digital asset treasury transactions—part of our broader effort to identify unique value across both listed company PIPEs and SPAC PIPEs where we see asymmetric upside.

$EMCG. As of the date the hereof, Embrace Change is behind on payments from the previous extension to its Trust Account for an aggregate amount of $675,000. Like clockwork.

Congratulations to the $UPXI @UpexiTreasury team @UpexiAllan @thetinyant . On our math, this capital raise is ~25% accretive to NAV per share.

$MBAV Always happy to be a resource and help teams address areas of both concern and excitement for investors. Looking forward to continuing the dialogue — and best of luck consummating the transaction swiftly.

$CCCM . BCA finally out

@vik_mittal 2 questions as I review the comments (and I appreciate the dialogue). 1. Is there a preference for BTC exposure vs. not?. 2. If the deal didn't leak to FT, and therefore the common was trading at $10.50 - would investors still be as frustrated?. I'm a process guy so I focus on.

$CCCM. Might be beating a dead horse here, but after digesting everything, wanted to chime in. Also happy to host a Spaces w/ @vik_mittal talk about the deal, SPACs broadly, and crypto transactions we’re seeing (disclosure: I’m not a crypto guy). The thesis is simple:.BTC.

$SATX $STXYF Closing Notice for July 2. Black Scholes on Warrants looks very interesting. Thank you @fastlapp for flagging the notice.

Below is a sensivity of the implied warrant values at various share prices and volatility. Importantly, this does not discount for transaction risk (if the deal fails and SPAC liquidates, the warrants are worthless). 3/3

The key drivers of value for a warrant are the current price, volatility, and remaining duration. If you run a Black Scholes for a $10 stock, 5 year duration and 55% volatility (avg of R2000 constituents) it implied a value of $3.04 per warrant. 2/3

With the resurgence in upside SPAC volatility / interest, I think its a good time to revisit SPAC warrants - I havent posted on this in what feels like forever. Most SPAC warrants have an $11.50 exercise price and 5 year duration from transaction closes. They also have an $18.

$CCCM. Shares closed at $10.50 on June 12, prior to the @FinancialTimes breaking the news. Most SPAC investors were restricted and couldn't sell thier position as they normally would post unit split. This creates a strange technical dynamic. Back to NAV or settle and go the.