Bitcoin Bull Chamath Palihapitiya Files for $250M SPAC Targeting DeFi and AI

New York — Billionaire investor and early Bitcoin backer Chamath Palihapitiya has filed plans to raise $250 million for a new special purpose acquisition company (SPAC) called American Exceptionalism Acquisition Corp A (AEXA).

The blank-check firm aims to focus on opportunities in decentralized finance (DeFi), artificial intelligence (AI), energy, and defense, according to filings with the U.S. Securities and Exchange Commission (SEC) on Monday.

The SPAC intends to offer 25 million shares at $10 each, listing on the New York Stock Exchange under the ticker AEXA. Palihapitiya will serve as chairman, while Steven Trieu, managing partner at Social Capital, will lead as CEO.

Betting on DeFi, Not Bitcoin

While Palihapitiya has long championed Bitcoin as an inflation hedge, he and Trieu emphasized that AEXA will primarily pursue DeFi innovations that bridge traditional finance with blockchain technology.

In their filing, the pair noted that stablecoin issuer Circle’s recent public listing showed how DeFi can reduce reliance on traditional financial intermediaries and cut friction for users.

“While Mr. Palihapitiya has long been a proponent of Bitcoin as an alternative to fiat currencies, we believe the next stage of development is the increased integration between traditional finance and decentralized finance.”

They added that, although crypto and stablecoin adoption has been slower than expected, mainstream acceptance now “appears inevitable.”

Source: Bitcoinworld.news

Related: BlackRock Files to Launch Digital Shares Tracking $150M Treasury Money Market Fund

Palihapitiya’s Mixed SPAC Record

Palihapitiya rose to prominence during the 2020–21 SPAC boom, successfully taking companies like SoFi Technologies public. However, several of his other SPACs, including Social Capital Suvretta Holdings II, III, and IV, were later liquidated after failing to secure merger targets.

SPACs remain under tight regulatory scrutiny and often face challenges in identifying companies that justify their high valuations before their investment windows close.

From “Crypto Dead in America” to Revival

The patriotic naming of Palihapitiya’s new vehicle comes just two years after he declared that crypto was “Dead in America,” blaming then-SEC chair Gary Gensler for an aggressive crackdown on the industry.

At the time, critics labeled the wave of enforcement actions as part of “Operation Choke Point 2.0,” an alleged effort to pressure banks to cut ties with crypto firms.

Since then, the regulatory environment has shifted, with new SEC chair Paul Atkins adopting a more crypto-friendly approach, dismissing several high-profile cases against firms like Coinbase and Ripple, and launching a Crypto Task Force to establish clearer rules for the industry.

Related: New York Senator Proposes Bill to Create Crypto Task Force