SPAV

🧩 Special Purpose Acquisition Vault

A SPAV raises money for a syndicated investment (like an SPV) or an acquisition (like a SPAC).

Public market investors bought $30B of SPAC IPOs in 2025. The money went into interest-earning accounts. People buy a SPAC to get an IPO, but amazingly, they don’t know what IPO they will buy. This works because they get a redemption option. When the real IPO terms are announced, the SPAC shareholders get an option to take back their cash plus interest. The TradFi version is very costly for buyers. A 25% cost of structuring, offering, and management gets loaded onto an average of 7% of the cash remaining after redemptions, for a 300%+ cost of capital. DeFi can do something similar for zero offer cost.

Goals

• Reach good sellers by proving the availability of funds

• Increase the quality of tokenized deals by only closing deals that earn a premium

• Simplify asset gathering and redemption with onchain workflows

• Close deals quickly

• Build a liquidity premium by pushing the vault token into trading and collateral venues.

Who It Is For

SPAC sponsors seeking improved investor economics. SPV sponsors seeking efficient onchain workflow.

How it works

• Depositors get redemption rights at deposit value

• Upon deal seeing the deal terms, token holders can redeem with yield at NAV value, or convert into the target deal.

• Holders through conversion may receive bonus warrants, customizable per investor.

Minting the fund tokens

Vault tokens will be minted for a fixed price of $10 per token.

Tokens can be redeemed for the deposit price, minus 2%

All assets will go into the low-risk, liquid, redeemable pool.

Closing a deal

Token holders will receive a description of the proposed deal that includes a complete pro-forma balance sheet for the proposed closed deal. They will have four days to redeem at NAV. The deal will fail and remain open for redemption if more than 50% of the value from the opening of the redemption period is redeemed.

Liquidation

The pool can be liquidated at any time after a vote of 50% of the outstanding tokens. This will turn on full redeemability at NAV.