(Bloomberg) -- YieldStreet Inc., the online firm that offers esoteric investments to affluent individuals, is exploring establishing a special purpose acquisition company, according to people with knowledge of the matter.

The New York-based company is in early discussions with potential co-sponsors, said the people, who requested anonymity because the talks are private. YieldStreet would be the latest closely held company to seek a vehicle of its own rather than merge with a SPAC, which is an increasingly popular way to go public.

Jeanne Yurman, a spokeswoman for YieldStreet, declined to comment.

YieldStreet, led by founder and Chief Executive Officer Milind Mehere, pitches itself as a source of passive income for investors who have at least $1 million in net worth or make $200,000 or more a year. It helps provide access to loan deals backed by assets including commercial real estate, litigation financing and art. Venture capital firms including Greycroft and Raine Ventures have invested in YieldStreet, as has Soros Fund Management.

Figure, a blockchain lending startup led by former SoFi CEO Mike Cagney, this month raised $287.5 million for a SPAC. In its initial public offering filing, which lists Mike Vranos’s Ellington Management Group as a sponsor, the Figure SPAC said it’s seeking a target that can benefit from Figure’s technology platform built on Provenance blockchain.

Almost 250 new U.S. SPACs have announced plans to go public in 2021, seeking a combined $74 billion, according to Bloomberg data. That compares with around 230 that collectively raised $78 billion in 2020.

©2021 Bloomberg L.P.