Cohen Circle Acquisition Corp. II - Warrant (CCIIW)

On our desk, CCIIW is currently tracking right around the $0.71 to $0.80 range. Looking at the Q1 2026 10-Q filings, the SPAC is maintaining a clean balance sheet with over $259 million tucked safely inside the trust account and modest GandA overhead. Institutional accumulation remains a mixed bag—we are seeing roughly 33 to 42 funds holding positions, but position trimming slightly outpaces aggressive new entries this quarter. Market sentiment is essentially neutral as we wait for any definitive word on a business combination target.

From a risk management standpoint, trading CCIIW requires keeping a close eye on the opportunity cost of holding a pre-target warrant with an expiration date slated for January 7, 2030. While the underlying trust is secure and generated $2.3 million in interest income leading to a net profit for Q1 2026, the warrant itself bears zero revenue and a reported ROE of -98.2%. Capital invested by funds dipped slightly from $4.55M to $4.41M, signaling that institutional sponsors are keeping their exposure tightly managed while hunting for concrete deal catalysts.

When evaluating the quantitative framework for CCIIW, you cannot rely on traditional P/E or revenue multiples because the enterprise is strictly a shell entity executing deal-sourcing activities. Our quantitative models focus heavily on the $1.5 million in cash held outside the trust to fund ongoing operations versus the burn rate reported in SEC filings. Anyone analyzing this vehicle needs to cross-reference the Form 10-Q filings with current 13F ownership tables to gauge smart-money conviction before making directional bets on the warrant curve.