A group of prominent crypto executives has announced the formation of Bitcoin Infrastructure Acquisition Corp Ltd, a SPAC aimed at investing in startups within the digital assets sector.
Company Overview
Bitcoin Infrastructure Acquisition Corp Ltd is registered in the Cayman Islands and plans to raise $200 million by issuing 20 million shares at $10 each. The company will be listed on the Nasdaq under the ticker BIXIU, with the main objective of acquiring an existing company and taking it public.
Leadership
The company is led by a team of experienced professionals from the crypto industry. Ryan Gentry, formerly of Lightning Labs, is the CEO. James "Jim" DeAngelis takes on the role of CFO, having previously worked at Kroll. Vikas Mittal from Meteora Capital will serve as a Director.
Trends in the Crypto SPAC Market
The launch of Bitcoin Infrastructure Acquisition Corp Ltd coincides with a wave of activity in the SPAC market for crypto. Recently, two other crypto-focused SPACs raised a total of $575 million, with CSLM Digital Asset Acquisition Corp III raising $230 million and M3-Brigade Acquisition VI Corp raising $345 million.
The formation of Bitcoin Infrastructure Acquisition Corp Ltd, coupled with the current SPAC market activity, highlights the growing interest in investments related to crypto infrastructure and Web3 technologies.
