Crypto-Focused SPAC Companies Are Outperforming Their Peers

Going public through a blank-check company is a bet that seems to have paid off only for crypto companies so far this year.

Monex Group’s Coincheck Inc. was the latest to agree to a reverse-merger with a special purpose acquisition company, making it the 10th crypto firm to announce such a deal since last year. Others, including stablecoin operator Circle and mining companies BitFuFu and Bitdeer are still eyeing a U.S. listing this year.

“You often can’t evaluate the success of these deals until they close, because they’re going to trade at least near their cash-in-trust value ahead of the ...