TLDR
- Bitcoin Infrastructure Acquisition Corp plans $200M SPAC under Nasdaq ticker BIXIU.
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SPAC will target firms in digital assets, Web3, DeFi, and blockchain finance.
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CEO Ryan Gentry previously led business development at Lightning Labs.
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Crypto SPAC activity raised $575M in just two days this week.
A group of crypto executives is raising $200 million through a special purpose acquisition company (SPAC) to take a blockchain-focused company public. The Cayman Islands-based firm, Bitcoin Infrastructure Acquisition Corp. Ltd., filed with the US Securities and Exchange Commission to offer 20 million shares at $10 each.
The SPAC is expected to list on Nasdaq under the ticker “BIXIU.” The company has not yet selected a merger target but aims to acquire businesses involved in digital assets, Web3, financial services infrastructure, and blockchain-powered sectors.
Bitcoin Infrastructure Acquisition Corp Focus
Bitcoin Infrastructure Acquisition Corp. will prioritize companies developing wallets, custody platforms, exchanges, lending protocols, and tokenized financial instruments. It also plans to support blockchain applications in payments, decentralized finance (DeFi), and cross-border finance.
The SPAC’s executives said they are positioned to identify firms building core infrastructure in the crypto ecosystem.
“We aim to back companies that provide essential services for the digital asset economy,” the filing noted. This strategy aligns with growing institutional interest in regulated crypto and blockchain ventures.
Leadership Team and Board Expertise
Ryan Gentry, the former head of business development at Lightning Labs, will serve as CEO. He previously worked as lead analyst at Multicoin Capital, a venture firm backing various crypto projects. Gentry has been linked to other major crypto deals, including a Solana-focused $1 billion acquisition project with Galaxy Digital and Jump Crypto.
Jim DeAngelis, formerly at risk adviser Kroll, will be the chief financial officer. Kroll is involved in multiple crypto bankruptcy cases, including FTX, BlockFi, and Genesis. Vikas Mittal, chief investment officer at Meteora Capital, will serve as director and also chairs CSLM Digital Asset Acquisition Corp III, another SPAC that raised $230 million this week.
The board features Parker White, former Kraken engineering director, Matt Lohstroh, co-founder of Bitcoin miner Giga Energy, and Tyler Evans, co-founder of Bitcoin Magazine publisher BTC Inc. Their combined experience spans crypto development, investment, and blockchain operations.
Rising Crypto SPAC Activity and Market Trends
The launch comes amid strong SPAC activity in the crypto sector. Two SPACs raised a total of $575 million in just two days this week. Alongside Bitcoin Infrastructure, CSLM Digital Asset Acquisition Corp III raised $230 million, and M3-Brigade Acquisition VI Corp raised $345 million.
Investor interest in public crypto firms has grown following successful IPOs. Circle’s shares surged nearly tenfold from $31 to $149 after its June debut. Similarly, crypto exchange Bullish rose from $37 to $70 on its first trading day. Other firms, including OKX, Grayscale, and Kraken, have announced or hinted at plans to go public.
