Bitcoin News Today: Bitcoin's SPAC Surge: A New Era for Blockchain Infrastructure

Bitcoin Infrastructure Acquisition Corp, a Cayman Islands-based special purpose acquisition company (SPAC), has filed with the U.S. Securities and Exchange Commission to raise $200 million in an initial public offering. The offering will consist of 20 million units priced at $10 each, with each unit including one share of common stock and one-half of a warrant exercisable at $11.50. The SPAC intends to list on the Nasdaq under the ticker symbol “BIXIU” [1].

The company is led by Ryan Gentry, a former business development head at Lightning Labs, which works on Bitcoin’s layer 2 Lightning Network. Gentry also served as lead analyst at Multicoin Capital, a venture firm with a history of supporting various crypto projects. Vikas Mittal, chief investment officer at Meteora Capital and a director of the SPAC, previously co-led a SPAC that took Bitcoin ATM operator Bitcoin Depot public in 2023 [1]. The SPAC’s financial chief, James “Jim” DeAngelis, brings extensive finance experience, including roles at risk advisory firm Kroll.

Bitcoin Infrastructure Acquisition is targeting businesses in the digital asset and blockchain sectors, with a focus on core infrastructure, such as wallets, custody solutions, exchanges, and lending protocols. The firm also plans to consider real-world applications of blockchain technology, including in payments, decentralized finance (DeFi), and cross-border financial services. The SPAC’s board is composed of industry veterans with deep ties to crypto, including Parker White, formerly of Kraken; Matt Lohstroh, co-founder of Giga Energy; and Tyler Evans, co-founder of BTC Inc and UTXO Management [1].

The SPAC’s move comes amid a growing trend of Wall Street firms investing in crypto-related ventures. Recent high-profile examples include the stablecoin issuer Circle Internet Group and the crypto exchange Bullish. Other SPACs have also raised substantial capital with promises to bring private crypto firms to public markets. In the past two days, two additional SPACs focused on crypto announced $575 million in combined fundraising [1].

Bitcoin Infrastructure Acquisition is the latest in a series of SPACs targeting the digital asset space. A related SPAC, CSLM Digital Asset Acquisition Corp III, raised $230 million in its IPO earlier in the week, while M3-Brigade Acquisition VI Corp raised $345 million on the same day. Both are exploring potential mergers with crypto businesses. These fundraising efforts indicate continued investor interest in bringing blockchain-driven companies to public markets [1].

The SPAC is backed by Meteora Capital, which also plays a role in the broader crypto ecosystem. The firm’s previous SPAC, GSR II Meteora Acquisition, merged with Bitcoin Depot in 2023. The new SPAC aims to continue this momentum, leveraging its team’s expertise and industry connections to identify and acquire a suitable target. With a focus on digital infrastructure, the SPAC is positioned to capitalize on the ongoing evolution of the crypto and blockchain sectors [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-$)