NBA Player Kevin Durant Eyes Crypto Acquisition With SPAC Launch
As an early investor in Coinbase, NBA superstar Kevin Durant likely profited handsomely when the cryptocurrency exchange went public earlier this year. However, he might not be done making moves into the space, as his in...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
As an early investor in Coinbase, NBA superstar Kevin Durant likely profited handsomely when the cryptocurrency exchange went public earlier this year. However, he might not be done making moves into the space, as his investment firm just launched a SPAC that is looking into the crypto industry for a potential merger or acquisition.
Today, the SEC published a filing for a new SPAC named Infinite Acquisition Corp. for a public offering for up to $200 million. Infinite is a collaboration between Thirty Five Ventures—Durant’s investment firm with business partner Rich Kleiman—and investment and banking firm LionTree.
A SPAC, or special purpose acquisition company, is a company created with the sole purpose of merging with or acquiring a private company and taking it public. SPACs are often called “blank check” companies, and their aim is solely to merge with a private firm (such as a startup) and help that company circumvent a standard initial public offering (IPO).
Infinite’s SEC filing suggests a broad scope of potential targets for types of companies to acquire, including those in the sports, health and wellness, e-commerce, and food technology and supply industries.
However, it also highlights cryptocurrency and digital assets firms as a possible pick. In a brief overview of the crypto market, the filing highlights exchanges like Coinbase and Kraken, lending and interest savings services like BlockFi, hardware wallet maker Ledger, and successful NFT-related firms/projects like the Ethereum-based game Axie Infinity and Dapper Labs (makers of NBA Top Shot).
“These technologies make the internet ownable, providing new ways to reward and compensate creators for their work allowing unbound creativity,” it reads, “and driving toward the emergence of potentially massive new platforms to harness this democratization of scarcity.”
Dapper Labs: NFTs Getting 'Very Little Resistance' From Pro Sports Leagues NowInfinite seeks to list on the New York Stock Exchange (NYSE) with the ticker NFNT.U and offer 20 million units at $10 apiece. Credit Suisse will underwrite the offering, and Infinite promises to buy back all shares with cash if the SPAC does not complete a merger or acquisition within 18 months of the offering’s close.
Durant’s original investment amount in Coinbase from 2017 is unknown, but it was part of a round that valued the company at $1.6 billion. Coinbase’s total market cap today, following this spring’s public offering, is now $71 billion. Durant has also invested in fintech wallet app Eco, and just today was announced as an investor of Valora, an app that lets users send cryptocurrency payments via text message.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on DecryptRelated market context
Coinbase World Cup error shows prediction markets still have a proof problem
A reported Coinbase announcement about a World Cup result, likely using AI, created a problem bigger than a flawed alert. It showe...
Coinbase secures UK investment services license to add derivatives and equities trading
Coinbase secured a UK investment services license to offer derivatives and equities trading in addition to crypto.
Strategy faces $8.3 billion Bitcoin Q2 loss as Saylor sells over $200M in BTC
Strategy’s largest Bitcoin sale in years has put new pressure on the corporate treasury model that made Michael Saylor one of the...
Coinbase secures UK authorization to offer traditional investments alongside crypto
The license allows institutional traders to access perpetual futures and gives U.K. retail customers the ability to trade equities...
Coinbase co-founder Brian Armstrong wants investors to pass a financial literacy test instead of a wealth check
A shift to financial literacy tests could democratize investment access, potentially increasing capital flow into early-stage vent...
Strategy Sells 3,588 Bitcoin to Fund Dividends as Saylor’s Treasury Model Meets Its First Real Test
Strategy (MSTR), the Michael Saylor–led company that turned corporate bitcoin accumulation into a Wall Street phenomenon, disclose...