A group of cryptocurrency executives is joining forces to raise $200 million to take their blank-check company public amid a surge in cryptocurrency company listings.
Headquartered in the Cayman Islands, Bitcoin Infrastructure Acquisition Corp Ltd is a special purpose acquisition company (SPAC) that plans to issue 20 million shares at $10 each on Nasdaq under the ticker "BIXIU," the company stated in regulatory filings on Wednesday.
The company intends to merge with an existing company to go public but has not yet identified a target. It will focus on companies involved in "digital assets, Web3 technology, financial services infrastructure, and other blockchain-driven business models."
The company added that its executive team "is capable of identifying businesses that are building core infrastructure, such as wallets, custody, exchanges, lending protocols, and tokenized financial instruments, as well as real-world applications of blockchain and distributed ledger technology, including payments, DeFi, and cross-border finance."
Wall Street has poured billions of dollars into cryptocurrency-related companies this year, with firms like stablecoin issuer Circle Internet Group and cryptocurrency exchange Bullish going public. SPACs have raised billions to bring private cryptocurrency companies to market.
Bitcoin Infrastructure will be led by CEO Ryan Gentry, who has been responsible for business development at Lightning Labs for the past five years, a company that develops the Bitcoin Layer 2 Lightning Network blockchain.
He previously served as chief analyst at venture capital firm Multicoin Capital for two years, which has backed a wide range of cryptocurrency projects and is reportedly working with Galaxy Digital and Jump Crypto to raise $1 billion to acquire a public company and transform it into a Solana (SOL) treasury.
The company appointed James "Jim" DeAngelis as CFO, who previously helped lead the financial operations at risk advisory firm Kroll.
Kroll is the creditor agent in several cryptocurrency bankruptcy cases and is currently facing a lawsuit alleging negligence in a data breach affecting creditors of FTX, BlockFi, and Genesis.
Vikas Mittal will also serve as a director and be part of the company's management team. Mittal is the chief investment officer of investment firm Meteora Capital, which sponsors Bitcoin Infrastructure's IPO and created a SPAC that took cryptocurrency ATM operator Bitcoin Depot public in 2023.
Mittal is also the chairman and CFO of CSLM Digital Asset Acquisition Corp III, another SPAC that completed a $230 million IPO on Thursday, planning to acquire a cryptocurrency company.
Bitcoin Infrastructure has also gathered executives with long-standing involvement in cryptocurrency on its board.
The company's chairman is Parker White, a former engineering director at cryptocurrency exchange Kraken, who is now the operations and investment director at real estate technology company DeFi Development Corporation, which is transitioning to a Solana purchasing company.
Matt Lohstroh, co-founder of cryptocurrency miner Giga Energy, has also been brought onto the board, as has Tyler Evans, who co-founded Bitcoin Magazine publisher BTC Inc and the Bitcoin-focused investment firm UTXO Management.
Evans became the investment director at healthcare company Kindly MD in March, which merged with Bitcoin-focused holding company Nakamoto Holdings, transforming into a Bitcoin (BTC) purchasing company that announced on Tuesday it is seeking to raise $5 billion.
The two SPACs have raised a total of $575 million in the past two days, both targeting the cryptocurrency space.
In addition to CSLM Digital Asset Acquisition Corp III's $230 million IPO on Thursday, blank-check company M3-Brigade Acquisition VI Corp announced the completion of a $345 million IPO on the same day.
The company stated it sold 34.5 million shares at $10 each on Nasdaq. Its parent company M3-Brigade previously took cryptocurrency management firm ReserveOne public in July.
Related: Hedge fund Numerai secures $500 million funding commitment from JPMorgan, driving cryptocurrency-AI integration
Original article: “Crypto Executives Join Forces to Raise $200 Million, Launch SPAC Company Bitcoin Infrastructure”
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