NBA legend Kevin Durant made news by becoming an early Coinbase investor back in the day. Without a doubt, he must have reaped the rewards when the company went public in April.
In his latest move in the world of crypto, Durant’s investment firm launched a SPAC that seeks a potential acquisition or merger within the crypto industry.
A Special Purpose Acquisition Company (SPAC) is one that is created for the sole purpose of merging with or acquiring a private company and taking it public.
Durant’s new SPAC, known as Infinite Acquisition Corp., was revealed via a SEC filing, and showcased a public offering till $200 million. The new SPAC is a collaborative venture between the NBA player’s Thirty Five Ventures and LionTree – an investment and banking firm.
Through this SPAC, Infinite Acquisition Corp. seeks to acquire companies across many industries that include sports, health, wellness, food technology, e-commerce, and more. Additionally the SEC filing also highlights exchanges like Coinbase, BlockFi, Axie Infinity, and Dapper Labs, suggesting crypto and digital asset firms as possible future ventures.
Infinite Acquisition Corp. seeks to enlist itself on the New York Stock Exchange under NFNT.U. It also seeks to offer 20 million units priced at $10 each. Infinite also put in a promise to buy back all shares with cash if the proposed SPAC is unable to complete a merger or acquisition in 18 months from when the offering is closed.
These new developments have further established Kevin Durant’s involvement in the crypto space for the long-term.