Market News

Crypto Execs Target Nasdaq with $200M SPAC to Drive Blockchain Innovation

A group of experienced cryptocurrency executives is set to launch a $200 million special purpose acquisition company (SPAC), seeking to make waves on the Nasdaq under the ticker “BIXIU.”

The newly formed Bitcoin Infrastructure Acquisition Corp. Ltd. has filed with the U.S. Securities and Exchange Commission to offer 20 million shares at $10 each.

This SPAC aims to identify merger opportunities with firms focused on digital assets, Web3, and various blockchain-related sectors.

In a noteworthy leadership role, Ryan Gentry, who previously led business development at Lightning Labs, will serve as CEO.

Joining him is Jim DeAngelis as CFO, who has extensive experience from his time at Kroll, particularly in crypto bankruptcy cases.

The team’s emphasis lies on investing in essential infrastructure ventures, such as wallets, exchanges, and decentralized finance protocols.

Other industry veterans fill the board, including Parker White from Kraken and Vikas Mittal from Meteora Capital, highlighting the strength in leadership.

This initiative comes at a time when interest in crypto-linked SPACs is surging, as seen with CSLM’s recent $230 million IPO and others.

With major crypto firms like Coinbase and Grayscale eyeing public offerings, this SPAC could play a pivotal role in advancing blockchain infrastructure.

Overall, the launch reflects an emerging trend where crypto executives are increasingly looking to the public markets for growth and innovation.