A group of well-known crypto executives has teamed up to launch a new company called Bitcoin Infrastructure Acquisition Corp Ltd. This is a SPAC (special purpose acquisition company), which means it doesn’t run a business yet but instead raises money from investors to buy an existing company and take it public.
As per the U.S. Securities and Exchange Commission (SEC) filing, the Cayman Islands-based company plans to raise $200 million by selling 20 million shares at $10 each on the Nasdaq stock exchange. The company’s ticker symbol will be BIXIU.
The SPAC has not chosen a company to merge with yet. However, it intends to prioritize digital assets, Web3 technologies, financial services infrastructure, and other blockchain-based business models.
This comprises companies that develop basic infrastructure such as cryptocurrency wallets, custody solutions, trading exchanges, and lending platforms. It may also target enterprises that develop blockchain-based financial products, including tokenized assets, decentralized finance (DeFi), payment systems, and cross-border money transfers.
Who’s Leading the Charge?
The leadership team is made up of several experienced names from the crypto industry. Ryan Gentry will be the CEO of the company. He spent the last five years at Lightning Labs, where he was in charge of business development.
Prior to that, Gentry worked at Multicoin Capital for two years as a lead analyst. Multicoin is a crypto venture firm that has invested in many blockchain projects. It is also said to be working with Galaxy Digital and Jump Crypto to raise $1 billion to buy a public company and turn it into a Solana (SOL) treasury.
Further, James “Jim” DeAngelis has been named the Chief Financial Officer. He previously worked at Kroll, a financial risk advisory firm that also played a role in several crypto bankruptcy cases.
Another key figure is Vikas Mittal, Chief Investment Officer of Meteora Capital, who will serve as a Director. Mittal was also behind the SPAC that took Bitcoin Depot (a Bitcoin ATM operator) public in 2023.
This move is part of a bigger wave of crypto-related SPACs coming to market. Just this week, two other crypto-focused SPACs raised a combined $575 million. For example, CSLM Digital Asset Acquisition Corp III raised $230 million, while M3-Brigade Acquisition VI Corp raised $345 million.
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