Keystone Acquisition (KEYY)
Market Price (9/9/2026): $9.915 | Market Cap: $265.9 MilSector: Financials | Industry: Multi-Sector Holdings
Keystone Acquisition (KEYY)
Market Price (9/9/2026): $9.915Market Cap: $265.9 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 2.1% | Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -70% | Key risksKEYY key risks include [1] the inability to complete a business combination, Show more. |
| Low stock price volatilityVol 12M is 2.1% |
| Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -70% |
| Key risksKEYY key risks include [1] the inability to complete a business combination, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Keystone Acquisition (KEYY) stock has remained largely at the same level since it went public on 6/22/2026 because of the following key factors:
1. SPAC Structure and Cash-in-Trust Valuation. Keystone Acquisition's stock has remained near its IPO price because, as a Special Purpose Acquisition Company (SPAC), its Class A ordinary shares fundamentally represent a claim on the $288.97 million held in its trust account as of fiscal Q2 2026. This trust, invested in U.S. government treasury obligations, provided a redemption value of approximately $10.05 per share as of June 30, 2026, establishing a floor for the stock price until a business combination is completed.
2. Lack of Operating Business and Pre-Deal Status. As a blank check company, Keystone Acquisition does not have independent business operations and is solely focused on identifying and merging with a private entity. Since its IPO in June 2026, no definitive business combination has been announced, resulting in an absence of company-specific operational news or performance metrics that would typically drive significant stock fluctuations.
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Keystone Acquisition (KEYY) stock has remained largely at the same level since it went public on 6/22/2026 because of the following key factors:
1. SPAC Structure and Cash-in-Trust Valuation. Keystone Acquisition's stock has remained near its IPO price because, as a Special Purpose Acquisition Company (SPAC), its Class A ordinary shares fundamentally represent a claim on the $288.97 million held in its trust account as of fiscal Q2 2026. This trust, invested in U.S. government treasury obligations, provided a redemption value of approximately $10.05 per share as of June 30, 2026, establishing a floor for the stock price until a business combination is completed.
2. Lack of Operating Business and Pre-Deal Status. As a blank check company, Keystone Acquisition does not have independent business operations and is solely focused on identifying and merging with a private entity. Since its IPO in June 2026, no definitive business combination has been announced, resulting in an absence of company-specific operational news or performance metrics that would typically drive significant stock fluctuations.
3. Limited Analyst Coverage and Trading Volume. The stock's stability also stems from a general lack of comprehensive analyst coverage and relatively low trading volumes, common for pre-deal SPACs shortly after their IPO. This limited external analysis and investor activity beyond the initial offering keeps the stock's market valuation closely tied to its cash-in-trust value rather than speculative growth.
4. Going Concern Warning. The disclosure in fiscal Q2 2026 of a "going concern" risk, specifically the potential inability to complete a business combination by the mandatory liquidation deadline of March 4, 2028, likely dampens significant upward speculative movement by reminding investors of the inherent timeline-based risk if a deal is not found.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| KEYY | ||
| Market (SPY) | 1.3% | 33.1% |
| Sector (XLF) | 11.1% | 26.1% |
Fundamental Drivers
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Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| KEYY | ||
| Market (SPY) | 12.0% | 33.1% |
| Sector (XLF) | 12.0% | 26.1% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| KEYY | ||
| Market (SPY) | 19.8% | 33.1% |
| Sector (XLF) | 7.4% | 26.1% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| KEYY | ||
| Market (SPY) | 76.1% | 33.1% |
| Sector (XLF) | 74.1% | 26.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KEYY Return | - | - | - | - | - | 0% | 0% |
| Peers Return | 1% | 1% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| KEYY Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 57% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| KEYY Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AESP, ALPX, BCCQ, BID, CGCF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/8/2026 (YTD)
How Low Can It Go
KEYY has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
KEYY has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Keystone Acquisition (KEYY)
Keystone Acquisition (KEYY) is a newly incorporated blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its primary objective is to identify and execute a business combination, such as a merger or acquisition, with one or more existing private operating businesses. The company currently has no operations or selected target, serving as a vehicle to bring a private company public through an acquisition rather than a traditional IPO.
As a SPAC, Keystone Acquisition does not offer any products or services. Its core function revolves around its management team's ability to identify, evaluate, and acquire a suitable business. The team comprises experienced investors, entrepreneurs, and financial services professionals with backgrounds in sectors like telecommunications, fintech, healthcare, venture capital, and semiconductors. This expertise is crucial for sourcing and integrating a high-potential target.
While open to diverse opportunities, Keystone Acquisition intends to concentrate its search on high-growth sectors driving innovation in U.S. industrial development. Key target areas include companies involved in energy transition & critical minerals, shipbuilding & maritime engineering, semiconductors & advanced electronics, digital infrastructure & data centers, and digital assets & crypto treasuries. The ultimate customer base and market will be defined by the operating business it eventually acquires.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Keystone Acquisition (KEYY):
It's like Y Combinator for mature private companies seeking to go public via acquisition.
It's like a publicly traded private equity firm, but focused on finding and acquiring just one promising private company to take public.
AI Analysis | Feedback
Keystone Acquisition (KEYY) is a Special Purpose Acquisition Company (SPAC) and does not offer traditional products or services to customers. Its primary "service" is the execution of a corporate transaction:
- Initial Business Combination: The process of identifying, acquiring, and merging with an existing private operating company, which effectively brings that private company public.
AI Analysis | Feedback
Keystone Acquisition (KEYY) is a newly incorporated blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its sole purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
As a blank check company, Keystone Acquisition (KEYY) currently has no operations, products, or services. Therefore, it does not have any major customers at this time. Its primary activity is to identify and acquire a target company.
```AI Analysis | Feedback
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Jae Hyun (James) Park Executive Chairperson
Mr. Park currently serves as a board member and on the audit committee for Inflection Point Acquisition Corp. III (NASDAQ: IPCX) since April 2026. He has been a representative of East Asia Operations for USA Rare Earth Inc. (NASDAQ: USAR) since 2021 and an independent consultant on domestic energy-sector investments and LSE listings since 2012. Previously, Mr. Park was involved with Nexgen/Impetus Capital in Singapore from 2002 to 2012 and co-founded and served as CEO of a South Korean venture capital firm in 2000. Mr. Park also served at HLHZ Investment Bank in 2000 and KPMG's Seoul office from 1991 to 1999. He is the manager of Keystone Acquisition's sponsor, Keystone International Acquisition Management Llc, and controls its management, including voting and investment discretion.
Richard Chin Chief Executive Officer
Mr. Chin has served as Co-CEO and director of Solidigm Inc. since May 2026 and as an advisor for SK Americas since 2025. From 2021 to 2025, he was the CEO and a director of SK Growth Opportunities Corporation (SKGR), a special purpose acquisition company (SPAC) that completed a business combination with Webull Corporation (NASDAQ: BULL). Before that, he was President of SK hynix, Inc. and Head of Global Development Group from 2017 to 2021. Mr. Chin also served as a member and council leader for the U.S. Commerce Department Investment Advisory Council from 2019 to 2024.
Jaiho (Jake) Cho Chief Financial Officer
Mr. Cho has been the CEO of AgaMatrix, Inc. since 2023 and a director at CoaguSense, Inc. since 2017, where he also served as Interim CEO in 2020. His previous roles include Strategic Advisor and Head of Legal at i-SENS Inc., General Counsel and Corporate Secretary for North American operations at SK hynix, Inc. from 2016 to 2019, and Senior Counsel at SK hynix, Inc.'s corporate headquarters from 2014 to 2016. Earlier in his career, he was Senior Legal Counsel at Samsung SDI from 2013 to 2014 and Legal Counsel at LG Electronics from 2012 to 2013.
AI Analysis | Feedback
The key risks to Keystone Acquisition (KEYY) are:
- Inability to complete an initial business combination: As a blank check company, Keystone Acquisition's sole purpose is to effect a business combination. A significant risk is the inability to identify a suitable target company or to successfully complete an acquisition within the specified timeframe, which would likely lead to the company's liquidation.
- Competition for attractive acquisition targets: The company operates in a competitive market for potential acquisition targets. Keystone Acquisition may face competition from other blank check companies, private equity firms, and strategic buyers, which could make it difficult to identify and secure an attractive business combination at a reasonable valuation.
- Dependence on management's ability to identify and execute a value-creating acquisition: The success of Keystone Acquisition relies heavily on the experience and network of its management team to identify, acquire, and operate a business. There is a risk that the management team may not be able to identify a suitable target or effectively integrate and grow an acquired business, potentially failing to create value for shareholders.
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Share Issuance
- Keystone Acquisition completed its initial public offering (IPO) in June 2026, issuing 28,750,000 units at $10.00 per unit, which included the full exercise of the underwriters' over-allotment option.
- This IPO generated gross proceeds of $287.5 million.
- Concurrently with the IPO, the company completed a private placement of 8,468,750 warrants at $1.00 per warrant, resulting in gross proceeds of $8,468,750.
Inbound Investments
- The company raised $287.5 million from its initial public offering, including the underwriters' exercise of their over-allotment option.
- An additional $8,468,750 was generated from a private placement of warrants.
- A total of $288.2 million from the IPO and private placement proceeds was placed into a trust account for future business combinations.
Peer Outperformance in Multi-Sector Holdings
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 7.7% | 133.2% | 144.2% | IBKR 492% · SNEX 244% · GS 189% |
| Reinsurance | 6 | 18.8% | 75.0% | 124.6% | SPNT 167% · RGA 134% · MTG 126% |
| Diversified Banks | 12 | 38.0% | 136.2% | 118.7% | CM 156% · JPM 152% · RY 144% |
| Life & Health Insurance | 20 | 14.7% | 55.5% | 96.7% | JXN 510% · UNM 316% · FG 218% |
| Multi-Sector Holdings ← | 5 | 4.3% | 55.1% | 81.6% | JONE 361% · JEF 86% · BRK-B 82% |
| Regional Banks | 265 | 25.4% | 85.8% | 68.6% | GCBC 361% · ESQ 353% · VBNK 321% |
| Property & Casualty Insurance | 42 | 8.9% | 73.2% | 64.8% | ASIC 2652900% · HRTG 439% · UVE 300% |
| Multi-line Insurance | 9 | 12.0% | 87.8% | 56.7% | GNW 189% · L 102% · SLF 90% |
| Consumer Finance | 30 | 9.2% | 86.6% | 34.4% | ENVA 593% · EZPW 398% · FCFS 173% |
| Financial Exchanges & Data | 15 | -4.4% | 18.5% | 26.7% | VIRT 214% · CBOE 152% · CME 77% |
| Insurance Brokers | 16 | -13.9% | -1.2% | 20.9% | LIFE 657% · ARX 89% · AJG 82% |
| Commercial & Residential Mortgage Finance | 13 | -42.7% | 35.2% | 19.9% | FNMA 505% · FMCC 490% · ESNT 65% |
| Diversified Financial Services | 4 | 0.5% | 9.3% | 17.3% | FRHC 161% · EQH 94% · TMS -59% |
| Asset Management & Custody Banks | 83 | -10.9% | 17.0% | 14.6% | WT 334% · VCTR 291% · SII 289% |
| Specialized Finance | 3 | 15.7% | 47.8% | -3.0% | EFC 35% · CACC -3% · HASI -13% |
| Mortgage REITs | 33 | -11.7% | 10.8% | -12.5% | NREF 57% · RITM 51% · DX 41% |
| Diversified Capital Markets | 21 | -21.0% | -4.5% | -38.8% | BTCS 614% · OPY 209% · LPLA 145% |
| Transaction & Payment Processing Services | 15 | -0.2% | -3.6% | -45.2% | V 68% · MA 67% · CPAY 54% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.94 |
| Mkt Cap | 0.3 |
| Rev LTM | - |
| Op Inc LTM | - |
| FCF LTM | - |
| FCF 3Y Avg | - |
| CFO LTM | - |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.02 | 0.03 | 0.01 | 0.03 | 0.01 | 0.01 |
| Up Beta | -0.00 | 0.10 | 0.05 | 0.03 | 0.03 | 0.05 |
| Down Beta | 0.01 | 0.00 | 0.02 | 0.04 | 0.01 | -0.03 |
| Up Capture | 5% | 1% | 1% | 0% | 0% | 0% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 11 | 12 | 12 | 12 | 12 |
| Down Capture | 0% | 0% | 2% | 1% | 1% | 0% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 4 | 10 | 13 | 13 | 13 | 13 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KEYY | |
|---|---|---|---|---|
| KEYY | -0.1% | 2.5% | -2.15 | - |
| Sector ETF (XLF) | 9.3% | 14.6% | 0.39 | 25.2% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 32.6% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 33.4% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | 5.1% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | -20.1% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KEYY | |
|---|---|---|---|---|
| KEYY | -0.0% | 2.5% | -2.15 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 25.2% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 32.6% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 33.4% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 5.1% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | -20.1% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KEYY | |
|---|---|---|---|---|
| KEYY | -0.0% | 2.5% | -2.15 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 25.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 32.6% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 33.4% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 5.1% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | -20.1% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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