A team of crypto executives plans to raise $200 million through a SPAC, targeting Web3, DeFi, and blockchain infrastructure. The surge in crypto SPAC activity saw $575 million raised in two days. The newly formed Bitcoin Infrastructure Acquisition Corp. Ltd. filed with the SEC to offer 20 million shares at $10 each on Nasdaq under the ticker “BIXIU.” The company will focus on digital assets, Web3, financial infrastructure, and core infrastructure ventures in the crypto space.

The SPAC is led by CEO Ryan Gentry, with Jim DeAngelis as CFO. Kroll, facing legal action over a data breach, is involved in the company. The board includes notable names like Parker White, Matt Lohstroh, and Tyler Evans from the crypto industry. Vikas Mittal, CIO at Meteora Capital, is also part of the leadership team.

Amid heightened investor interest, crypto-focused SPACs like CSLM Digital Asset Acquisition Corp III and M3-Brigade Acquisition VI Corp raised significant amounts. Circle’s listing in June saw shares surge, highlighting market appetite for regulated crypto firms. Bullish more than tripled from its $37 IPO price, and other firms like OKX, Grayscale, and Kraken are considering going public.

The new wave of crypto-focused SPACs reflects strong investor interest in digital asset listings. Industry leaders like Coinbase and MicroStrategy have hit multi-year highs. The market is seeing a surge in crypto firms going public or hinting at plans to do so.

Read more at Yahoo Finance: Crypto Execs Launch $200M SPAC Bid with Nasdaq Listing Under ‘BIXIU’