rewrite this title Chamath’s $250M SPAC Aims at DeFi, AI, Energy, and Defense

The venture plans to raise $250 million and focus on opportunities in decentralized finance, artificial intelligence (AI), energy, and defense.

According to a filing with the US Securities and Exchange Commission, Social Capital’s Steven Trieu will lead the company as chief executive, while Palihapitiya will take the role of chairman.

The shares are expected to list on the New York Stock Exchange under the ticker AEXA, with 25 million shares priced at $10 each.

The sponsors explained that the goal is to connect traditional financial systems with blockchain-based tools. They said:

We believe that the next stage of development is the increased integration between traditional finance and decentralized finance.

They pointed to the recent public listing of Circle Internet Group, a stablecoin issuer, as an example of how digital finance can cut out middlemen and lower costs for customers. The filing noted that the acceptance of crypto and stablecoins has been slower than expected, but described their eventual adoption as “inevitable”.

The company is not limiting its scope to finance. It also plans to look at businesses in AI, defense, and energy, which the team views as closely linked to the modernization of financial infrastructure.

Meanwhile, Amdax, a digital asset company based in the Netherlands, recently announced plans to launch AMBTS B.V. What is it? Read the full story.