Crypto Execs Launch $200M SPAC Bid with Nasdaq Listing Under ‘BIXIU’
A workforce of seasoned crypto executives is aiming to boost $200 million by a particular goal acquisition firm (SPAC), including to the surge of blockchain-related corporations searching for public market publicity.
Key Takeaways:
- Bitcoin Infrastructure Acquisition Corp. plans to boost $200 million by way of a Nasdaq-listed crypto SPAC beneath the ticker “BIXIU.”
- The SPAC will goal corporations in Web3, DeFi, and blockchain infrastructure, together with wallets and tokenized finance instruments.
- The launch provides to a surge in crypto SPAC exercise, with $575 million raised in simply two days.
The newly fashioned Bitcoin Infrastructure Acquisition Corp. Ltd., primarily based within the Cayman Islands, filed with the US Securities and Exchange Commission on Wednesday to supply 20 million shares at $10 every.
The agency plans to record on Nasdaq beneath the ticker “BIXIU.”
Crypto SPAC Targets Web3, DeFi, and Blockchain Finance Sectors
The blank-check firm has not but chosen a merger goal however mentioned it could give attention to corporations working in digital belongings, Web3, monetary infrastructure, and blockchain-powered sectors equivalent to funds, decentralized finance (DeFi), and cross-border finance.
The corporate emphasised its intent to again core infrastructure ventures like wallets, custody platforms, exchanges, lending protocols, and tokenized monetary instruments.
Main the SPAC is CEO Ryan Gentry, beforehand head of enterprise growth at Lightning Labs, the agency behind Bitcoin’s layer-2 Lightning Community.
Earlier than that, Gentry was an analyst at Multicoin Capital, a enterprise fund recognized for its bets on crypto-native corporations and rumored to be engaged on a $1 billion Solana-focused takeover bid with Galaxy Digital and Bounce Crypto.
Jim DeAngelis will function chief monetary officer. He most not too long ago led finance at Kroll, a threat advisory agency concerned in quite a few crypto chapter circumstances, together with FTX, BlockFi, and Genesis.
Kroll is currently facing legal action over an information breach that affected creditor information tied to these bankruptcies.
Additionally becoming a member of the management workforce is Vikas Mittal, chief funding officer at Meteora Capital, which is sponsoring the IPO.
Mittal additionally chairs CSLM Digital Asset Acquisition Corp III, one other crypto-focused SPAC that raised $230 million in its IPO this week.
The board of Bitcoin Infrastructure options a number of notable names from the crypto trade. Parker White, a former Kraken engineering director and present COO at DeFi Improvement Company, will chair the board.
Different members embrace Matt Lohstroh, co-founder of Bitcoin miner Giga Vitality, and Tyler Evans, who co-founded Bitcoin Journal writer BTC Inc and presently heads UTXO Administration.
The launch comes amid a flurry of crypto-linked SPAC exercise. Along with CSLM’s $230 million elevate, M3-Brigade Acquisition VI Corp closed a $345 million IPO this week, bringing the two-day SPAC fundraising complete to $575 million.
Investor Urge for food Surges After Circle’s Blockbuster Debut
The brand new wave of crypto-focused SPACs comes amid heightened investor curiosity in digital asset listings. Circle’s June debut noticed shares surge practically 10x from the $31 providing worth earlier than settling at $149, underscoring sturdy market urge for food for regulated crypto corporations.
This month, institutional alternate Bullish more than tripled from its $37 IPO price on its first buying and selling day, closing close to $70 on Friday.
A number of different crypto corporations, together with OKX, Grayscale, and Kraken, have both hinted at or initiated plans to go public. In the meantime, listed trade leaders like Coinbase and MicroStrategy have not too long ago hit multi-year highs.
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