Two-time NBA champion and three-time Olympic gold medalist Kevin Durant is a special-purpose acquisition company (SPAC/Special-purpose acquisition company) to invest in various industries, including crypto firms. *) is drying.
SPAC, known as Infinite Acquisition Corp, is a 50-50 partnership between Durant’s Thirty Five Ventures and the American banking firm LionTree. Thirty Five Ventures, co-owned by Durant and businessman Rich Kleiman, is a venture capital firm that invests in over 75 companies spanning various markets, including cryptocurrencies.
In the filing submitted to the US Securities and Exchange Commission (SEC), it was stated that the Infinite Acquisition is aimed to increase up to $230 million. According to the filing, Infinite Acquisition’s “thematic focus areas” include crypto and digital assets.
Making Internet Ownership
The document stands out for saying that platforms and technologies developed by cryptocurrency exchanges Coinbase and Kraken and other crypto companies make the internet “possible”:
The NBA superstar was one of the early investors in Coinbase through Thirty Five Ventures. The firm invested an undisclosed amount in Coinbase for Series D funding in 2017. Coinbase’s shares at the time of the Series D fundraiser were priced at $8.25.
Shares of the crypto exchange debuted at $250 on the Nasdaq earlier this year. Coinbase shares closed at $344 on Thursday.
*SPAC is called “Company for Merger” in Turkish capital market law. According to Wikipedia, it is a special purpose purchasing company known as a “blank check company”. They are described as shell companies that are listed on the stock exchange to buy a private company and make it public without going through the traditional initial public offering process.