A team of experienced cryptocurrency leaders has come together to secure $200 million for a special purpose acquisition company (SPAC) intended to launch a crypto business on the stock market. Bitcoin Infrastructure Acquisition Corp. Ltd., an entity based in the Cayman Islands, submitted a filing with regulators on Wednesday and will offer 20 million shares priced at $10 each on Nasdaq under the ticker BIXIU.
The firm has not yet pinpointed a target but indicated it will concentrate on enterprises engaged in digital assets, Web3, financial infrastructure, and blockchain-based applications. This encompasses firms developing wallets, custody services, exchanges, lending frameworks, tokenized financial assets, and practical blockchain applications in payments, DeFi, and international finance.
Bitcoin Infrastructure will be led by CEO Ryan Gentry, who previously headed business development at Lightning Labs, a key developer of Bitcoin’s layer-2 Lightning Network. Gentry also worked as lead analyst at Multicoin Capital, a venture firm that has backed major blockchain projects and is reportedly working with Galaxy Digital and Jump Crypto on a $1 billion Solana-focused acquisition. The company’s financial chief will be James “Jim” DeAngelis, a former finance head at Kroll, the risk adviser involved in several crypto bankruptcy cases, including FTX and BlockFi. Vikas Mittal, chief investment officer of Meteora Capital, will also serve as director. Mittal has a track record in crypto-related SPACs, having helped take Bitcoin Depot public in 2023 and recently launching CSLM Digital Asset Acquisition Corp III, which closed a $230 million IPO last week.
Leadership strength and market momentum
The board of directors of the company is also filled with renowned cryptocurrency experts. Parker White, previously the engineering director at Kraken and now the COO of DeFi Development Corporation, will take on the role of chair. Matt Lohstroh, co-founder of the Bitcoin mining company Giga Energy, along with Tyler Evans, co-founder of BTC Inc and partner at UTXO Management, have also become board members. Evans, currently the CIO of KindlyMD after its merger with Nakamoto Holdings, is participating in a Bitcoin-centric holding company aiming to secure $5 billion.