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SWB $8.1 billion SPAC merger: key details

The SWB $8.1 billion SPAC merger would combine SWB and Soulpower Acquisition Corp to form “Soul World Bank,” offering banking services and a cross‑border stablecoin. The plan includes a collaboration with Animoca Brands and a path to a BVI bank license via Bank of Asia, which is in liquidation, pending approvals. The combined company is targeting the NYSE under “SOUL” in Q1 2026.

By the numbers:

• Valuation: approximately $8.1 billion, per company materials and media reports.
• Financing: up to a $5 billion equity facility with CREO Investments.
• Listing: NYSE, ticker “SOUL,” targeted for Q1 2026.
• Licenses: intends to acquire a BVI bank license via Bank of Asia (in liquidation).
• Partners: an Animoca Brands collaboration to develop a cross‑border stablecoin.

Zoom in: Stakes are high because the model merges regulated banking with crypto treasury utility.

How the SWB SPAC merger fits the crypto‑treasury trend

SPACs have increasingly paired with crypto treasury plays and other buzzy tech. One researcher described these layered vehicles as financial “turducken”, and warned many retail investors may lose money. That lens frames how investors may evaluate this transaction and the soul world bank stablecoin plan.

The upshot: The structure could deliver scale quickly if approvals land. However, complexity and multiple dependencies raise execution risk.

Timeline: announcements, purchases, and targeted listing

Following the SWB $8.1 billion SPAC merger announcement on Nov. 24, 2025, related crypto‑treasury moves add context.

• Nov. 21, 2025: mF International announced a $500 million private placement to seed a digital‑asset treasury strategy, with closings expected around Dec. 1, 2025.
• Nov. 5–23, 2025: AVAX One purchased roughly 9.38 million AVAX for $110 million, bringing holdings to over 13.8 million tokens.
• Q1 2026: Management targets the NYSE debut for “SOUL.” Observers will watch whether the nyse ticker soul q1 2026 goal holds.

Stablecoin plan with Animoca and BVI license

SWB plans a cross‑border stablecoin through an Animoca Brands partnership and the intended acquisition of a BVI bank license via Bank of Asia. The bank is in liquidation, so completion depends on regulatory and court processes. If approvals arrive, the soul world bank stablecoin could support cross‑border payments and treasury operations.

Moreover, the Animoca Brands partnership signals a pipeline to Web3 distribution and developers. Yet governance, reserve transparency, and licensing will shape adoption. In parallel, the bvi bank license path is central to the model’s regulatory perimeter.

Other crypto‑treasury moves: AVAX One and mF International

AVAX One disclosed purchases totaling about $110 million between Nov. 5 and Nov. 23, 2025, at an average near $11.73 per token. The company now holds over 13.8 million AVAX and retains $35+ million in cash for additional token buys and share repurchases.

Meanwhile, mF International announced a $500 million private placement comprising 50 million Class A shares and pre‑funded warrants at $10 per share. Proceeds are slated for Bitcoin Cash purchases and building a digital‑asset treasury, with closings expected around Dec. 1, 2025.

Risks and investor cautions for SPAC‑crypto deals

Layered SPAC–crypto structures can be hard to diligence end‑to‑end. Researchers have flagged that many retail investors in such vehicles may lose money. Additionally, this deal’s outcomes hinge on approvals for the bvi bank license, the durability of the animoca brands partnership, and capital access.

Therefore, even if the SWB $8.1 billion SPAC merger closes, the model must prove product‑market fit. Regulatory timelines, counterparty reliability, and stablecoin design choices will drive traction.

What’s Next: approvals, financing, and listing milestones

What’s next: Watch for regulatory updates on the BVI licensing plan and any technical details on the soul world bank stablecoin. Investors will also track the nyse ticker soul q1 2026 goal and how the CREO equity facility is deployed. Finally, monitor disclosures from Soulpower Acquisition Corp (soulpower acquisition corp) as the transaction progresses.

The upshot: The SWB $8.1 billion SPAC merger could create a new blend of banking and Web3 rails. But execution, not headlines, will decide value creation.

Source notes and context

• The transaction framework, listing target, Animoca collaboration, and licensing intent are drawn from company statements and media reports. Details include the planned NYSE ticker “SOUL,” the CREO facility, and the Bank of Asia note.
• The “turducken” framing and retail‑loss warning come from reporting on SPACs and crypto treasury stacking.
• AVAX One and mF International moves provide context on concurrent treasury‑driven strategies.