A group of crypto executives launched a Cayman Islands-based blank check company that plans to raise $200 million and list on Nasdaq, the firm said in a regulatory filing on Wednesday.
The special purpose acquisition company (SPAC) will offer 20,000,000 shares at $10 each under the ticker BIXIU. The company intends to merge with an existing private business to take it public, but it has not picked a target yet.
The team will look for firms in digital assets, Web3, financial services infrastructure and other blockchain-driven models.
SPAC offer and aims
The new vehicle is called Bitcoin Infrastructure Acquisition Corp. Ltd. It is set up to back companies that build core crypto tools. That includes wallets, custody services, exchanges and lending platforms.
The group said it will also hunt for tokenised financial products and real-world uses of distributed ledger tech in payments, DeFi and cross-border finance.
Leadership and links to the crypto world
Ryan Gentry will serve as CEO, and he spent five years in business development at Lightning Labs, a team behind Bitcoin’s layer 2 Lightning Network.
Before that, he worked for two years as a lead analyst at Multicoin Capital. Multicoin is a venture firm known for backing many crypto projects and for taking large stakes in the sector.
The SPAC’s finance chief is James DeAngelis, known as Jim. He has led finance work at Kroll, a risk adviser that has been active in crypto bankruptcy cases. Kroll has also been connected to claims and data issues tied to several high-profile collapses in the market.
Vikas Mittal will join the management team and serve as a director. He runs investments at Meteora Capital, which is sponsoring the SPAC.
Mittal has been involved with a SPAC that brought crypto ATM operator Bitcoin Depot public in 2023. He also holds roles at CSLM Digital Asset Acquisition Corp III, which recently closed a $230,000,000 IPO with plans to buy a crypto company.
Who else is on the board
The board includes people with long records in crypto, and Parker White is chair. He was an engineering director at Kraken and now works in operations and investments at a firm that has shifted into Solana investments.
Matt Lohstroh, co-founder of miner Giga Energy, joins the board as well. Tyler Evans, a co-founder of Bitcoin Magazine publisher BTC Inc., is also a director. Evans has worked at Bitcoin-focused investment firms and recently moved into healthcare and Bitcoin holding ventures.
Market backdrop
Wall Street has poured cash into crypto-tied listings this year, and firms such as Circle Internet Group and Bullish have made public debuts, and SPACs in general have raised large sums with promises to bring private crypto firms to the market.
That wave has encouraged more sponsors to try similar plays. The new SPAC aims to tap that momentum and to offer a route for private crypto firms to access public capital.
Why the sponsors think they can add value
The company says its leaders are well placed to find infrastructure builders, and they point to experience in wallets, custody, exchanges and tokenisation.
The team also highlights knowledge of payments, DeFi and cross-border finance. Sponsors argue that their mix of operating and investment experience will help them spot firms with real products and real users.
Next steps and timeline
The SPAC will move ahead with its IPO listing on Nasdaq if the offering attracts enough investors. After the listing, the team will search for a merger target and the process can take months.
Investors will watch how the group uses its ties and expertise to source a deal.
The launch adds another vehicle aiming to bring crypto firms to public markets. The group must still choose a target and convince shareholders that the deal will create value.
For now, the SPAC gives private crypto companies another option to reach public investors and to scale their businesses.
Also Read: Bitcoin-Focused Investment Platform Parataxis Eyes Going Public Through $200M SPAC Deal