Lutnick, Pomp SPAC Deals Are Put to the Test by Crypto Crash

The special purpose acquisition companies that rushed to make deals for cryptocurrency treasury firms are facing a critical juncture.

As Bitcoin plunges 31% from an October peak, blank-check firms’ hopes of mimicking the success of Michael Saylor’s Strategy Inc. — which pioneered the trend of companies that hoard crypto — are fading.

Two investor votes for such deals will serve as “a litmus test for SPAC-treasury services to go public,” said Brian Hirshberg, a partner at law firm Mayer Brown. “The votes and redemptions will show just how much confidence shareholders have in the strategy, and it’ll certainly ...