Crypto executive patchwork is working together to raise $100 million to raise $200 million amid the boom of Crypto’s public debut.
Cayman Islands-based Bitcoin Infrastructure Acquisition Corp Ltd, a special purpose acquisition company (SPAC), is set to offer 20 million shares on Nasdaq for $10 each under ticker Bixiu, said in its regulatory filing on Wednesday.
The company plans to merge with an existing company and make it public, but it has not yet decided on its target. It focuses on people involved in “digital assets, Web3 technology, financial services infrastructure, and other blockchain-driven business models.”
Its Top Brass added that it is well positioned to identify real-world applications of blockchain and distributed ledger technology to identify companies building core infrastructures such as wallets, custody, exchange, lending protocols and tokenized financial products.
Wall Street has dumped billions of dollars on encrypted companies that it released this year, including the Stablecoin Issuer Circle Internet Group and Crypto Exchange Bullish. SPAC is procuring billions more with the promise to bring private crypto companies into the market.
Bitcoin Infrastructure Chief linked to Crypto
Bitcoin infrastructure will be led by CEO Ryan Gentry, who has led business development at Lightning Labs, developer of Bitcoin’s Layer 2 Lightning Network Blockchain for the past five years.
He previously spent two years as a lead analyst at Multicoin Capital, a venture that supported a wide range of crypto projects and worked with Galaxy Digital and Jump Crypto to raise $1 billion, take over the public company and turn it into Solana (Sol) Treasury.
Ryan Gentry (left) speaks at the 2024 Bitcoin conference. source: YouTube
The company has appointed James “Jim” Dengelis as financial director.
Kroll is a claims agent in multiple crypto bankruptcy cases and faces lawsuits accusing him of negligence in a data breaches that affected FTX, Blockfi and Genesis creditors.
Vikas Mittal is also the director and will form part of the company’s management team. Mittal is the Chief Investment Officer of Meteora Capital and an investment company that sponsors the initial public offering for Bitcoin Infrastructure, and in 2023 created a SPAC that published Crypto ATM operator Bitcoin Depot.
Mittal is also chairman and financial chief of CSLM Digital Asset Accisition Corp III. This is another SPAC that closed its $230 million IPO on Thursday with plans to acquire the crypto company.
A board filled with Crypto talent
Bitcoin infrastructure packs boards of executives who have been involved in crypto for a long time.
The company’s chairman is Parker White, former engineering director at Crypto Exchange Kraken. He is now the operational and investment chief of Defi Development Corporation, and the real estate technology company has become Solana-Buying Company.
Matt Lohstroh, co-founder of Crypto Miner Giga Energy, was also taken to the board, similar to Tyler Evans, who co-founded Bitcoin Magazine Publisher BTC Inc and Bitcoin-focused investment company Utxo Management.
Evans became investment chief for a kind MD at a healthcare company in March. It merged with Bitcoin-centric holder Nakamoto Holdings, which transformed it into a Bitcoin (BTC) purchaser on Tuesday, seeking to raise $5 billion.
Crypto Spacs raises $575 million over two days
Two SPACs have raised a total of $575 million over the past two days. Both are trying to target ciphers.
Alongside CSLM Digital Asset Asset Acquisition Corp III’s $230 million IPO on Thursday, Blank-Check company M3-Brigade Acquisition VI Corp said it had closed its $345 million IPO on the same day.
The company said it sold 34.5 million shares on the Nasdaq for $10 each. Previous SPACs from parent company M3-Brigade took Crypto Management Company Resideone Public in July.
