Bitcoin News Today: Bitcoin Execs Launch $200M SPAC to Build the Financial Web3 Infrastructure

A group of cryptocurrency executives has launched a $200 million special-purpose acquisition company (SPAC) focused on acquiring a business in the digital asset space, according to a regulatory filing and company disclosures. The SPAC, named Bitcoin Infrastructure Acquisition Corp Ltd, plans to offer 20 million shares at $10 each on the Nasdaq under the ticker “BIXIU” [1]. The company is based in the Cayman Islands and intends to merge with a target in sectors related to digital assets, Web3 technologies, and blockchain-based infrastructure [2]. It has yet to identify a specific acquisition target.

The SPAC's leadership includes Ryan Gentry, CEO and former business development lead at Lightning Labs, a firm involved in Bitcoin’s Lightning Network, and Vikas Mittal, a managing member of Meteora Capital and former CIO of GSR II Meteora Acquisition, which previously took Bitcoin Depot public in 2023 [1]. Mittal is also involved in another SPAC, CSLM Digital Asset Acquisition Corp III, which recently closed a $230 million IPO [1]. The SPAC's board is composed of seasoned professionals in the crypto industry, including former executives from Kraken, Bitcoin Magazine, and a co-founder of Giga Energy [1].

Bitcoin Infrastructure Acquisition Corp is positioning itself to capitalize on the growing interest in blockchain-based financial services, including custody solutions, decentralized finance (DeFi), and cross-border payment systems. In its filing, the SPAC emphasized that its leadership team is “well-positioned to identify businesses that are building core infrastructure such as wallets, custody, exchanges, lending protocols, and tokenized financial instruments” [1]. The SPAC also cited the broader digitization of financial infrastructure as a key trend that aligns with its investment focus [2].

The SPAC’s formation reflects a broader trend of increased institutional and private capital flowing into the crypto space through SPACs. Recent months have seen several other blank-check companies raise significant sums with the intent of acquiring crypto businesses, including Yorkville Acquisition Corp and M3-Brigade Acquisition VI Corp, which raised $575 million combined in a two-day period [1]. These efforts underscore the market's appetite for public exposure to the crypto sector, which has seen both volatility and growth in recent years.

The offering is led by Cohen & Company Securities and follows a larger trend of SPACs leveraging their expertise in digital assets to bring innovative financial models to public markets. The SPAC’s management team has previously worked on deals involving Bitcoin-focused investment strategies and crypto ATM operations, indicating a strategic alignment with long-term growth in the sector [1]. The SPAC has also secured prior experience in navigating the regulatory landscape of crypto-related SPACs, with several of its leaders having served in similar capacities in prior ventures [1].

Source:

[1] Crypto Executives Plan $200M 'Bitcoin Infrastructure' IPO (https://cointelegraph.com/news/crypto-execs-file-200m-bitcoin-infrastructure-acquisition-spac)

[2] Bitcoin Infrastructure Acquisition: BIXIU IPO, SPAC (https://www.renaissancecapital.com/Profile/BIXIU/Bitcoin-Infra.-Acq/IPO)

[3] Digital asset-focused SPAC Bitcoin Infrastructure Acquisition ... (https://www.renaissancecapital.com/IPO-Center/News/113069/Digital-asset-focused-SPAC-Bitcoin-Infrastructure-Acquisition-files-for-a-$)