Highbridge’s SPAC Bets
Highbridge Capital acquires multi-million-dollar stakes in blank-check SPACs, including some with "sell" ratings
Anonymous
Highbridge Capital Management disclosed new stakes in several blank-check SPACs, including A Paradise Acquisition, Bullpen Parlay Acquisition, BTC Development Corp., and Hennessy Capital Acquisition Corp. IV, with the fund buying hundreds of thousands of shares in each case and reporting multi-million-dollar positions based on its filings. Other institutional investors also added to or initiated positions across these vehicles, such as Wolverine Asset Management, Wealthspring Capital, Gabelli-related firms, and ABC Arbitrage, indicating broad interest rather than a single-firm bet. For A Paradise Acquisition, Highbridge’s disclosed ownership of about 4.29% comes as the stock remains rated as a sell consensus and a recent research note downgraded it from one “sell” grade to another. The articles also describe these companies as having no significant operating business so far, focusing instead on finding a future merger or acquisition target.
Key Points
1
For A Paradise Acquisition (APAD), Highbridge bought 884,351 shares valued at about $8.888 million, representing ~4.29% ownership. Separately, Weiss Ratings did not downgrade the stock to a worse “sell” bucket—instead it “upgraded” APAD from a “sell (e+)” to “sell (d-)” rating on May 1, while MarketBeat still lists a “Sell” consensus.
2
Bullpen Parlay Acquisition (BPACU) specifies a target business focus on “online real money gaming, technology, sports, digital media, hospitality, and leisure,” and the SPAC was “incorporated in 2021” and is “based in San Francisco, California.”
3
BTC Development Corp. (BDCI) includes explicit disclosures that, despite being a Cayman Islands exempted SPAC, “To date, our efforts have been limited to organizational activities… We have not identified any acquisition target and we have not… initiated any discussions… with respect to identifying any acquisition target.”
4
Hennessy Capital Acquisition Corp. IV (HCACU) was “founded in 2018” and is “based in Wilson, Wyoming,” and its filings emphasize it “does not have significant operations” while pursuing a merger or similar business combination.
5
In Bullpen Parlay Acquisition (BPACU), other investors’ 4Q purchases described in the reporting include Gabelli Funds LLC (~$982,000) and ABC Arbitrage SA (~$252,000), alongside Wolverine (~$1.514 million) and Gabelli & Co. Investment Advisers (~$1.092 million)—underscoring participation beyond Highbridge with disclosed amounts for multiple firms.
Sentiment
Mostly PositiveNEGATIVENEUTRALPOSITIVE
Publishers
10
Articles
0
Reach
10
A
AnonymousAuthor
