Colin Kaepernick Unveils Social Justice SPAC As Canada Approves First Bitcoin ETF

The Special Purpose Acquisition Company craze is not showing signs of slowing down after a blockbuster 2020. While last year 248 worth of $83 billion SPACs were created, six weeks into the New Year and 135 SPAC’s worth $40 billion have already graced the market.

 Social Justice SPAC

The growth stems from an increase in companies needing capital and looking to shun the traditional IPO process that takes twice as long. The latest SPAC to take the market by storm is spearheaded by former San Francisco 49ers quarterback Colin Kaepernick, who founded Mission Advancement Corp.

The new SPAC is looking to invest in companies with social justice mission and plans to raise $250 million for social justice. It stands out partly because its board of directors is made up of black, indigenous, and people of color.

The board includes high profile names such as Oscar-nominated filmmaker Ava DuVernay and Silicon Valley VC Ben Horowitz. It also includes Silicon Valley, VC Ben Horowitz. With the new SPAC, Kaepernick becomes the first athlete to join Wall Street’s SPAC craze. He joins the likes of Shaquille O’Neal and Alex Rodriguez.

 Bitcoin ETF

The unveiling of a first of its kind social justice mission focused SPAC coincides with the first Bitcoin ETF approval. The Canadian securities has approved the first Bitcoin exchange-traded fund opening the door for many more to follow as the flagship cryptocurrency flirts with record highs.

The U.S securities regulators have been hesitant in approving Bitcoin ETF products on concerns of its shallow liquidity and risks the asset could be manipulated. However, that could change with Canada making the big leap forward.

The Bitcoin ETF provides investors especially institutional investors who have been looking for ways to venture into the crypto business. The ETF should provide broader exposure to the burgeoning sector as Bitcoin shows no signs of slowing down with the psychological $50,000 insight.

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