币界网报道:SPACs have raised $12.4 billion in 2025 so far, marking an 85% decline from their 2021 peak when they secured $83.4 billion. The slowdown reflects cooling investor interest amid regulatory scrutiny and poor post-merger performance of many blank-check companies. Industry analysts attribute the drop to tighter SEC oversight and fewer attractive targets for SPAC mergers. Despite the downturn, some sectors like fintech and electric vehicles continue to attract SPAC deals, though at more modest valuations compared to the 2021 frenzy.