# Bitcoin Infrastructure Acquisition Corp

Bitcoin Infrastructure Acquisition Corp is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2021
- **Assets under management:** Undisclosed
- **Website:** bitcoiniac.com

## Regulatory record

- **Reports private funds:** No

## About

Bitcoin Infrastructure Acquisition Corp formed in 2021 as a special purpose acquisition company with a mandate to merge with a business operating in the cryptocurrency infrastructure sector. CEO Nirav Sheth, formerly a managing director at Goldman Sachs and partner at fintech-focused VC firm Nyca Partners, assembled a team including CFO Catherine Flax, previously of J.P. Morgan and Peloton, and COO Wesley Schrader, a veteran of Coinbase and Citadel. The vehicle represented a time-bound thesis: public markets were receptive to crypto infrastructure, and a SPAC could accelerate a target's path to liquidity. The SPAC's prospectus defined the target universe broadly: mining operations, payment processors, custody platforms, and compliance software. It sought a business with a defensible moat in the digital-asset value chain, preferably generating revenue from transaction fees, hardware sales, or software licensing. The firm extended its deadline to complete a business combination into 2023 as the SPAC market cooled and crypto asset prices declined. The search spanned North America, Europe, and Asia, reflecting the distributed nature of bitcoin mining and node infrastructure. The firm's IPO raised approximately $300 million in gross proceeds, placing it among the larger crypto-focused SPACs of the 2020-2022 cycle. The trust was held in interest-bearing accounts while the team evaluated potential targets. The management roster blended Wall Street structuring expertise with operating experience at Coinbase, a combination designed to navigate both the Securities and Exchange Commission's evolving posture on digital assets and the technical due diligence required for infrastructure deals. In April 2023, the SPAC announced it would liquidate and return capital to shareholders after failing to consummate a transaction within its amended deadline, joining a wave of SPAC liquidations that year. The firm was a bet on a specific window for crypto SPACs, and when that window closed, it dissolved. Its structure — a public trust vehicle with a fixed timeline — differentiated it from evergreen venture funds and highlighted the structural risk of SPACs in volatile sectors. The liquidation in 2023 served as a marker of the broader SPAC market reset.

## Sectors

- Blockchain & Digital Assets
- Infrastructure

## People

- Nirav Sheth — Chief Executive Officer
- Catherine Flax — Chief Financial Officer
- Wesley Schrader — Chief Operating Officer

## Questions

### What was Bitcoin Infrastructure Acquisition Corp's investment mandate?

The SPAC targeted companies building infrastructure for cryptocurrency — including mining operations, payment networks, custody platforms, and compliance software. The acquisition criteria emphasized businesses with durable competitive positions in the digital-asset value chain, per its SEC filings. It did not plan to invest in speculative tokens or unproven protocols.

### Who managed the SPAC's target search?

CEO Nirav Sheth led the search, drawing on his background at Goldman Sachs and Nyca Partners, a venture firm focused on financial technology. The team included CFO Catherine Flax, who brought capital markets experience from J.P. Morgan, and COO Wesley Schrader, who had operating experience at Coinbase, per the firm's IPO prospectus.

### What was the firm's relationship to the broader crypto venture ecosystem?

The SPAC competed with crypto-native venture funds for late-stage infrastructure deals, offering an alternative path to liquidity via public listing. However, unlike evergreen funds, the vehicle had a fixed timeline. Its closure reflected the difficulty of executing SPAC mergers in a sector where private valuations and public-market sentiment diverged sharply.

### Does the firm or its founders operate any successor vehicles?

There is no public record of a direct successor fund or SPAC launched by this management team under a related name. Principals have returned to other roles in finance and crypto operations. The firm's corporate entity was dissolved following the trust liquidation.

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Last updated: 2026-06-03T20:00:00.000Z

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