Digital Asset Acquisition, a blank check company targeting digital asset and cryptocurrency businesses, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The Princeton, NJ-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
Digital Asset Acquisition is led by CEO and Co-Chair Peter Ort, who currently serves as a General Partner at Cambium Capital Management, a venture firm focused on early-stage investments in the advanced computing sector. He is joined by CFO and Co-Chair Jeff Tuder, the founder of Tremson Capital Management.
The SPAC plans to focus its search initially on identifying companies in the digital asset and cryptocurrency and adjacent sectors that power transformation and innovation. The company states that its expertise lends itself well to pursuing platforms related to the digital asset, real estate, and related technology infrastructure sectors.
Management is also behind Real Asset Acquisition (RAAQU), which filed concurrently. The SPAC's managers were also involved with Concord Acquisition Corp (liquidated), Concord Acquisition Corp II (CNDA; merging with Events.com) and Concord Acquisition Corp III, which merged with GCT Semiconductor (GCTS) in 2024.
Digital Asset Acquisition was founded in 2024 and plans to list on the Nasdaq under the symbol DAAQU. Cohen & Company Securities is the sole bookrunner on the deal.
