Digital Asset Acquisition Corp. Raises $172.5 Million in SPAC IPO
Funding | Apr 30, 2025 | Ropes & Gray
Ropes & Gray served as legal advisor to Cohen & Company Capital Markets, which acted as the lead book-running manager for the IPOs of two special purpose acquisition companies (SPACs): Digital Asset Acquisition Corp. and Real Asset Acquisition Corp. Both entities successfully raised $172.5 million each in their respective initial public offerings, which closed on April 30. The units from these IPOs will trade on Nasdaq under the ticker symbols DAAQU and RAAQU. Digital Asset Acquisition Corp. is set to target investment opportunities within the digital asset and cryptocurrency sectors, whereas Real Asset Acquisition Corp. will focus on opportunities in areas supported by real assets, such as quantum computing and rare earth mining. These ventures reflect Cohen & Company's capability as a full-service boutique investment bank, specializing in M&A, capital markets, and SPAC advisory services. The transactions were primarily managed by Ropes & Gray’s capital markets partner Christopher Capuzzi and tax partner Dan Zuckerman.
Sectors
- Investment Banking
- Cryptocurrency
- Infrastructure & Real Assets
Geography
- United States – The IPOs were closed in the United States, and the units will trade on the Nasdaq exchange.
Industry
- Investment Banking – This pertains to Cohen & Company's role in managing the SPAC IPOs, including strategic and financial advice in M&A, capital markets, and SPAC services.
- Cryptocurrency – Digital Asset Acquisition Corp. targets sectors adjacent to digital assets and cryptocurrencies.
- Infrastructure & Real Assets – Real Asset Acquisition Corp. is focused on sectors underpinned by real assets including quantum computing and rare earth elements.
Financials
- $172.5 million – The amount raised by each of the SPACs in their IPO offerings.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ropes & Gray | Legal Advisor | Company | A legal firm advising Cohen & Company on the SPAC IPO transactions. |
| Cohen & Company Capital Markets | Lead Book-Running Manager | Company | A full-service boutique investment bank that managed the SPAC IPOs for Digital Asset Acquisition Corp. and Real Asset Acquisition Corp. |
| Digital Asset Acquisition Corp. | Target Company | Company | A special purpose acquisition company targeting sectors in digital assets and cryptocurrencies. |
| Real Asset Acquisition Corp. | Target Company | Company | A special purpose acquisition company focused on sectors supported by real assets. |
| Christopher Capuzzi | Capital Markets Partner | Person | Ropes & Gray partner leading the SPAC IPO transactions. |
| Dan Zuckerman | Tax Partner | Person | Ropes & Gray partner responsible for tax aspects of the SPAC IPO transactions. |