Kevin Durant’s new SPAC firm to focus on crypto and blockchain
The reigning NBA MVP and two-time champion, Kevin Durant announced via Twitter on November 12 that he is becoming a cofounder of an upcoming company called Utility Token Capital Fund. UTXCF will be focused entirely around crypto and blockchain technology.
The “Kevin Durant’s new SPAC firm to focus on crypto and blockchain” is a story about Kevin Durant’s new investment firm. The firm will be focusing on the cryptocurrency and blockchain space.
Kevin Durant, a two-time NBA champion, has created a special purpose acquisition company (SPAC) to explore into partnering with technology-driven firms, such as cryptocurrency businesses. Rich Kleiman, a business colleague of Durant’s, founded the company alongside him.
Durant, who was an early supporter of Coinbase, isn’t done with the industry yet. His new SPAC firm intends to invest in cryptocurrency and blockchain-related ventures.
According to a filing with the US Securities and Exchange Commission, the new SPAC, Infinite Acquisition Corp, was created on Wednesday and plans to raise $200 million in its first public offering (IPO). A SPAC is a private corporation that was founded with the intention of merging with or acquiring another private company and then becoming public. Such corporations are usually referred to as “blank check” businesses since their only purpose is to merge with a private company in order to avoid the requirements of an IPO.
The SEC filing includes names like Coinbase and Kraken, as well as lending and interest savings solutions like BlockFi, hardware wallet manufacturer Ledger, and successful nonfungible token-related initiatives like Ethereum-based game Axie Infinity and Dapper Labs (creators of NBA Top Shot).
According to the filing, Infinite Acquisition would look at a broad variety of potential targets, including companies in the sports, health and wellness, e-commerce, and food technology and supply sectors, in addition to crypto and blockchain.
Infinite Acquisition intends to list on the New York Stock Exchange under the symbol NFNT.U and offer 20 million shares at a price of $10 apiece. Credit Suisse will underwrite the sale, and Infinite plans to buy back all shares with cash if the SPAC fails to accomplish a merger or acquisition within 18 months.
Kevin Durant is no stranger to the world of sports. He has been a professional basketball player for over 16 years and in that time he has won an MVP award, four championships, and two Olympic gold medals. Now he is taking his talents to the world of crypto and blockchain with a new firm called SPAC. Reference: blockchain news.
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