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Chamath Palihapitiya seeks $250 million DeFi-focused SPAC

The controversial billionaire Chamath Palihapitiya has filed to raise $250 million via a new SPAC named American Exceptionalism Acquisition Corp A.

By Mike Hesp
• 2 min read
Chamath Palihapitiya seeks $250 million DeFi-focused SPAC

The controversial billionaire Chamath Palihapitiya has filed an application to raise $250 million through a new SPAC called American Exceptionalism Acquisition Corp A. The investment vehicle will focus not only on artificial intelligence, energy, and defense but also explicitly on the crypto market, especially decentralized finance (DeFi).

According to the filing, submitted Monday to the U.S. Securities and Exchange Commission, Social Capital partner Steven Trieu will serve as CEO, while Palihapitiya assumes the role of Chairman. In total, 25 million shares will be brought to the New York Stock Exchange at $10 each under the ticker symbol AEXA. Bitcoin itself remains outside the SPAC's strategy.

As an example, the initiators point to the stock market debut of stablecoin issuer Circle, which they say "has shown how DeFi can displace traditional financial intermediaries and deliver tangible value to customers through lower friction costs." Although crypto and stablecoin adoption "has taken longer than expected," Palihapitiya and Trieu believe the path to mainstream is now "inevitable."

Palihapitiya is no stranger to SPACs. In 2020 and 2021, he led several deals, including the successful merger of Social Capital Suvretta Holdings I and Social Capital Hedosophia Holdings V – now known as SoFi Technologies. Yet his track record is mixed: other SPACs, such as Social Capital Suvretta Holdings II, III, and IV, were ultimately dissolved.

Notably, the American investor declared the crypto sector dead in the US exactly two years ago, pointing an accusatory finger at then-SEC Chair Gary Gensler. Palihapitiya's return to crypto via a publicly traded shell company is drawing mixed reactions.

Macro analyst Felix Jauvin View post on X shares the skepticism with a wry note: “I’ll be away a few days and suddenly we’re served the ultimate top signal.”

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