Crypto News: Ex-Lightning Labs Exec Ryan Gentry Plans $200M Bitcoin SPAC

A new player is entering the market with big plans. Bitcoin Infrastructure SPAC is gearing up to go public on the Nasdaq. The move is being led by Ryan Gentry, who previously worked as the business lead at Lightning Labs. He has filed for a $200 million special purpose acquisition company (SPAC) called Bitcoin Infrastructure Acquisition Corp.

Everything You Should Know About The New Nasdaq Listing 

According to the filing on Wednesday, the Bitcoin Infrastructure will trade on Nasdaq under the ticker BIXIU. The Cayman Island-based company plans to offer 20 million units of shares at $10 each. Each unit will include one share and one-half warrant, exercisable at $11.50. 

The company plans to merge with an existing firm that specializes in “digital assets, Web3 technologies, financial services infrastructure, and other blockchain-driven business models.”

The filing also notes that Bitcoin Infrastructure will prioritize the companies building essential tools for the crypto sector, such as wallets, custody solutions, exchanges, and lending protocols. It emphasizes targeting both technical backbone and real-world applications like cross-border payments and blockchain-based financial services.

SPAC Leadership and Board

• Ryan Gentry, CEO, brings experience from Lightning Labs and venture capital at Multicoin Capital. He previously worked as a lead analyst at Multicoin Capital, a venture firm known for backing projects across the crypto landscape.

• Vikas Mittal, chief investment officer (CIO) at Meteora Capital, joins the director. He was previously involved in SPACs like GSR II Meteora Acquisition (which merged with Bitcoin Depot) and CSLM Digital Asset Acquisition.

• Parker White, former Kraken engineering director, will chair the company. 

• Other board members include Giga Energy co-founder Matt Lohstroh and Tyler Evans, co-founder of Bitcoin Magazine’s publisher BTC Inc. and investment firm UTXO Management.

Growing Interest in SPACs

The launch of BIXIU comes amid the surge in crypto-related public listings. This week, two other  SPACs raised a combined $575 million within just two days, reflecting high investor demand. Bitcoin Infrastructure’s filing also shows how blockchain adoption is moving further into mainstream finance. 

Currently, the Bitcoin Infrastructure SPAC is hoping to identify strong candidates for public markets. But the company may face some potential challenges, including regulatory scrutiny, market volatility, and intense competition in the crypto market. Thus, if it overcomes these hurdles, it will be able to achieve its long-term goals.