Bitcoin Infrastructure Acquisition Corp. to Trade on Nasdaq as BIXIU, Raising $200 Million for Blockchain-Focused Firms

Bitcoin Infrastructure Acquisition Corp. (BIXIU) plans to raise $200 million through a SPAC to bring a blockchain-focused business public on Nasdaq. Led by Ryan Gentry, former head of business development at Lightning Labs, the company will focus on firms in areas such as wallets, custody, exchanges, lending protocols, and blockchain-powered real-world applications. A surge in crypto SPACs is underway, with two other SPACs raising a combined $575 million targeting cryptocurrency firms.

Bitcoin Infrastructure Acquisition Corp. (BIXIU), a special purpose acquisition company (SPAC) based in the Cayman Islands, plans to raise $200 million through an initial public offering (IPO) on Nasdaq under the ticker "BIXIU". The SPAC, led by Ryan Gentry, former business lead at Lightning Labs, aims to bring a blockchain-focused business public. The company will focus on firms involved in digital assets, Web3 technologies, financial services infrastructure, and other blockchain-driven business models [1].

The SPAC will issue 20 million shares at $10 each, with each share including a warrant that can be exercised at $11.50. The warrants allow investors to participate in the potential upside of the target company's valuation post-merger [1].

The SPAC's leadership team includes Ryan Gentry as CEO, Parker White as chairman, and Vikas Mittal as a director. Gentry has experience in business development at Lightning Labs and Multicoin Capital, while White was a former engineering director at Kraken. Mittal is the chief investment officer at Meteora Capital and has been involved in other SPACs [1].

The SPAC's board is stacked with crypto talent, including Matt Lohstroh, co-founder of crypto miner Giga Energy, and Tyler Evans, co-founder of Bitcoin Magazine publisher BTC Inc and UTXO Management [1].

The SPAC is part of a broader trend of crypto SPACs raising significant funds. Two other SPACs, CSLM Digital Asset Acquisition Corp III and M3-Brigade Acquisition VI Corp, raised a combined $575 million in two days, both targeting cryptocurrency firms [2].

Bitcoin Infrastructure Acquisition Corp. faces several risks, including regulatory scrutiny, market volatility, and competition in the digital asset space. However, the strong leadership team and the growing interest in cryptocurrency-related firms suggest that the SPAC could be successful in its mission to bring a blockchain-focused business public [1, 2].

References:
[1] https://tintucbitcoin.com/r-gentry-lap-spac-bitcoin-200-trieu/
[2] https://www.tradingview.com/news/cointelegraph:1f74cfd96094b:0-crypto-execs-team-up-for-200m-bitcoin-infrastructure-acquisition-spac/