Bitcoin News Today: Bitcoin Execs Launch SPAC Amid Crypto's Push to Go Public

A coalition of cryptocurrency executives is launching a $200 million special purpose acquisition company (SPAC) aimed at identifying and taking a digital asset-related business public. The entity, Bitcoin Infrastructure Acquisition Corp Ltd, has filed with the SEC for a Nasdaq listing under the ticker “BIXIU,” offering 20 million units at $10 per share [1]. The SPAC is based in the Cayman Islands and intends to merge with a company operating in digital assets, Web3 technologies, blockchain infrastructure, and related financial services [1].

The SPAC’s leadership includes Ryan Gentry, who previously led business development at Lightning Labs, a firm working on Bitcoin’s Lightning Network. Gentry’s background also includes two years as a lead analyst at Multicoin Capital, which has been linked to high-profile crypto investments and SPAC-related deals [1]. The financial leadership of the SPAC is handled by James “Jim” DeAngelis, who has experience in crypto-related bankruptcy cases through his work at Kroll, a firm currently facing legal scrutiny over a data breach affecting FTX, BlockFi, and Genesis creditors [1].

Vikas Mittal, chief investment officer of Meteora Capital, serves as a director and contributes to the SPAC’s management. He previously oversaw the initial public offering of Bitcoin Depot, a crypto ATM operator, through a SPAC in 2023. Mittal is also the chair and CFO of another SPAC, CSLM Digital Asset Acquisition Corp III, which recently raised $230 million for a similar purpose [1]. The management team is complementing their leadership with a board of experienced crypto professionals, including Parker White, a former executive at Kraken, and Matt Lohstroh, co-founder of crypto miner Giga Energy [1].

The SPAC’s board further includes Tyler Evans, co-founder of BTC Inc and UTXO Management. Evans recently transitioned to the investment chief role at Kindly MD, a healthcare firm that rebranded as a Bitcoin-focused holding company after merging with Nakamoto Holdings [1]. This SPAC is part of a broader trend of crypto-focused blank-check firms rapidly raising capital. In just two days, two SPACs targeting the crypto sector raised a combined $575 million. M3-Brigade Acquisition VI Corp raised $345 million by offering 34.5 million shares at $10 each [1].

Analysts note that these developments highlight the growing institutional interest in bringing private crypto enterprises to public markets, a trend accelerated by the recent public offerings of companies like Circle Internet Financial and Bullish. As Bitcoin Infrastructure Acquisition Corp moves forward with its public listing, its success will depend on its ability to identify and merge with a high-potential target in the rapidly evolving crypto infrastructure sector [1].

Source:

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