Bitcoin Infrastructure Acquisition Corp Ltd (BIXI) is a blank check SPAC incorporated in the Cayman Islands in June 2025, with an IPO closing December 3, 2025 that raised $220M gross proceeds from 22,000,000 Class A shares at $10.00 per unit. The liquidation recovery posture for non-Trust equity holders is deeply negative, which is structurally expected for this vehicle but warrants precise quantification. As of March 31, 2026, total assets are $225.0M, of which $222.5M (99%) is held in the Trust Account in U.S. Treasuries. Cash outside the Trust is $2.4M. Total liabilities are $8.9M, dominated by $8.8M of deferred underwriting commissions classified as non-current. Current liabilities are $123K. The Class A temporary equity (redeemable shares) is carried at $222.5M ($10.11 per share), and shareholders' deficit is ($6.4M). Under the liquidation lens: the Trust Account assets receive a 100% recovery haircut (they are effectively U.S. government obligations held in trust; fair value equals carrying value at Level 1). However, under a liquidation scenario without a Business Combination, the $8.8M deferred underwriting commission is contingent on deal close per the Underwriting Agreement — if no deal closes and the Company liquidates, this fee does not become payable. This is a critical asymmetry not fully captured by the standard liquidation framework: at face value the deferred commission stays on the liability stack per the lens definition, but the filing explicitly states it is only payable upon Business Combination completion. Under strict face-value liability treatment per the lens: liquidation recovery to public Class A shareholders = Trust balance ($222.5M) minus face-value liabilities ($8.9M) minus Class A redemption claims ($222.5M) = deficit of ($8.9M) to non-redeemable equity, before dissolution expenses. Outside-Trust cash of $2.4M is the only liquid resource available for ongoing operations. Working capital is $2.4M, declining from $2.6M at December 31, 2025, as operating cash consumption runs approximately $256K per quarter. A new related-party Consulting Services Agreement with Samara Capital Advisors LLC (SCA, owned by the Sponsor's Managing Member) was executed March 26, 2026, with estimated monthly disbursements of approximately $50K, not yet incurred as of the filing date. This will accelerate cash depletion outside the Trust. The Completion Window is 24 months from IPO close (deadline approximately December 3, 2027). The XBRL TAG_CONTEXT list provided is empty; accordingly, no tags are included in tag_insights. All balance sheet values are sourced from the inline XBRL in the filing body.
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