According to the source, reports claim Blockchain.com aims for a US stock listing via a SPAC; the post includes no official filing or press release. Source: user-submitted social media post dated Oct 20, 2025. If confirmed, a SPAC path requires a signed business combination agreement, an S-4 registration statement, a shareholder vote, and a de-SPAC closing, with elevated volatility often clustering around S-4 amendments and the vote date. Source: US SEC Investor Bulletin on SPACs; SEC guidance on Form S-4. Traders should monitor SEC EDGAR for S-4 or 8-K filings from the target or the named SPAC, PIPE financing terms, and the redemption rate, as these directly affect cash proceeds, float, and post-merger liquidity. Source: US SEC EDGAR; US SEC Investor Bulletin on SPACs. Pre-merger downside and trading levels typically anchor to the SPAC’s trust value per share and any redemption incentives; without the specific SPAC identified, risk-reward cannot be quantified. Source: US SEC Investor Bulletin on SPACs. Until an official announcement or SEC filing is published by Blockchain.com or a SPAC sponsor, treat the headline as unconfirmed and avoid trading decisions based solely on it. Source: US SEC investor guidance on SPAC-related communications.

According to Ki Young Ju, PIPE might not be the best way to run a Bitcoin treasury company because he says PIPE investors are paper-handed and chase short-term gains. Source: Ki Young Ju on X, Sep 26, 2025. For trading, his view implies that PIPE-funded BTC treasury firms could face short-term oriented order flow rather than sticky holders, which traders may treat as a near-term overhang risk when such deals are announced. Source: Ki Young Ju on X, Sep 26, 2025.