Crypto 1 Acquisition, a blank check company targeting digital assets and cryptocurrency exchanges, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Miami, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. At the proposed deal size, Crypto 1 Acquisition would command a market value of $250 million.
The company is led by Chairman Najamul Kidwai, a Venture Partner of Frontier Ventures, and CEO and Director Michael Zhao, Executive Chairman of the International Digital Currency Markets exchange and CEO of the VGPay crypto payment business. The company plans to target digital assets and cryptocurrency exchange, payment system, and/or related financial services business, in Asia (excl. China and Hong Kong), Europe, North America, and Latin America.
Crypto 1 Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol DAOOU. B. Riley Securities is the sole bookrunner on the deal.
