Early Bitcoin investor and billionaire Chamath Palihapitiya has filed to raise $250 million in blank-check company “American Exceptionalism Acquisition Corp A,” targeting the decentralized finance, AI, energy and defense sectors.

The special purpose acquisition company (SPAC) would be led by Social Capital managing partner Steven Trieu as CEO and Palihapitiya as chairman, according to the registration statement filed with the US Securities and Exchange Commission on Monday. 

The $250 million raise seeks to offer 25 million shares at $10 each under the ticker AEXA on the New York Stock Exchange.

Palihapitiya and Trieu are betting on decentralized finance, not Bitcoin, to lead the next wave of financial innovation, focusing on solutions that bridge traditional markets with blockchain technology:

“While Mr. Palihapitiya has long been a proponent of Bitcoin as an inflation hedge and alternative to fiat currencies, we believe that the next stage of development is the increased integration between traditional finance and decentralized finance.” 

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The pair pointed to the success of stablecoin issuer Circle Internet Group’s recent public listing, stating it “demonstrated how decentralized finance can be used to disintermediate traditional finance intermediaries and provide clear value for customers via reduced friction.”

The venture capitalists acknowledged the path toward mainstream acceptance of crypto and stablecoins has “taken longer than expected,” but that path “now appears to be inevitable.”

Palihapitiya has mixed results with past SPACs

Palihapitiya led several high-profile SPACs during 2020 and 2021, including successful mergers involving Social Capital Suvretta Holdings I and Social Capital Hedosophia Holdings V, now operating as SoFi Technologies.

However, other SPACs led by Palihapitiya, such as Social Capital Suvretta Holdings II, III, and IV, were liquidated, giving him a mixed record. 

SPACs face challenges because they are bound by strict time limits to find a private company to merge with, often struggle to identify companies worthy of high valuations, and operate under considerable regulatory scrutiny.

Palihapitiya once denounced crypto as dead in America

The naming of Palihapitiya’s American-themed SPAC comes two years after he declared the crypto industry “Dead in America,” pointing the finger at former SEC chair Gary Gensler for pursuing dozens of high-profile lawsuits against crypto firms.

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Critics labeled Gensler’s crackdown part of “Operation Choke Point 2.0” — an alleged coordinated effort by regulators to pressure banks into distancing themselves from crypto firms.

Many of those cases, including ones against Coinbase and Ripple, have been dismissed under the new crypto-friendly SEC led by Paul Atkins, which has also created a Crypto Task Force to provide clearer rules while balancing innovation with consumer protection.

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]]> https://earlybirdsinvest.com/bitcoin-bull-and-billionaire-files-for-250m-spac-targeting-defi-ai/feed/ 0 53952 https://earlybirdsinvest.com/stablecoinx-to-go-public-via-spac-merger-raising-360m-for-ena-treasury/ https://earlybirdsinvest.com/stablecoinx-to-go-public-via-spac-merger-raising-360m-for-ena-treasury/#respond Mon, 21 Jul 2025 21:04:08 +0000 https://earlybirdsinvest.com/stablecoinx-to-go-public-via-spac-merger-raising-360m-for-ena-treasury/

Cantor Fitzgerald’s blank‑cheque affiliate is in late‑stage talks to acquire more than $3 billion in Bitcoin (BTC) from Adam Back’s Blockstream Capital through a transaction that could exceed $4 billion, the Financial Times reported on July 15. 

Cantor Equity Partners 1, a special‑purpose acquisition company that raised $200 million in a January IPO, would issue new shares to Back in exchange for as much as 30,000 BTC. The amount represents approximately $3 billion at current prices.

Furthermore, the firm intends to seek up to $800 million in additional outside capital for further Bitcoin purchases. Upon completion of the transaction, the vehicle will be renamed BSTR Holdings.

Deal details

If completed, the deal would mirror a $3.6 billion Bitcoin buying venture, Twenty One Capital, that Cantor Fitzgerald’s Brandon Lutnick set up with SoftBank and Tether in April.

Combined, the two SPACs could accumulate nearly $10 billion in Bitcoin this year, positioning Cantor as one of the most active institutional buyers of the asset. 

Back is best known for inventing Hashcash and co-founding Blockstream in 2014. As part of the deal, Back will swap the contributed Bitcoin for equity in the public firm.

Blockstream Capital’s stake would rise alongside any subsequent purchases the SPAC finances with newly raised capital. Brandon Lutnick was named chair of Cantor Fitzgerald in February after his father, Howard Lutnick, became US Commerce Secretary.

Cantor’s move follows a playbook popularized by Strategy, whose Bitcoin treasury approach has prompted a wave of corporations and SPACs to raise equity or issue convertible bonds to buy BTC outright. 

Timing and regulatory backdrop

Negotiators aim to finalize terms as early as this week, placing the announcement in the midst of what Republican lawmakers have branded “Crypto Week,” during which the House is debating multiple digital asset bills. 

Cantor’s push also aligns with President Donald Trump’s deregulatory stance toward crypto markets, a shift that executives describe as conducive to large balance sheet allocations. 

The transaction would require shareholder approval and review by the Securities and Exchange Commission of updated disclosures detailing the Bitcoin contribution and capital raise. 

Should the SPAC complete its acquisition and subsequent fundraising, BSTR Holdings would emerge as one of the world’s largest listed holders of Bitcoin, trailing only Strategy and a handful of spot ETF trusts.

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