Early Bitcoin investor and venture capital pioneer Chamath Palihapitiya filed to establish a special purpose acquisition company (SPAC) under the name American Exceptionalism Acquisition Corp A, aiming to raise $250 million by listing 25 million shares at $10 per share on the New York Stock Exchange under the ticker symbol AEXA.
According to the registration statement with the U.S. Securities and Exchange Commission (SEC), Stephen Trio, managing partner at Social Capital, will serve as CEO, while Palihapitiya will hold the position of Chairman of the Board.
Focus on DeFi and Artificial Intelligence
Although Palihapitiya was previously known for his support of Bitcoin as a hedge against inflation, his new bet is on decentralized finance (DeFi) as the next phase of financial innovation, especially solutions that link traditional markets with blockchain technology.
Palihapitiya and Trio pointed to the successful listing of Circle (the issuer of the USDC stablecoin) as a live example of the power of DeFi, demonstrating its ability to bypass traditional intermediaries and provide direct value to users.
Mixed record with SPAC companies
Chamath Palihapitiya led several acquisition deals during the SPAC wave of 2020 and 2021, most notably the merger of Social Capital Hedosophia V with SoFi Technologies, which achieved notable success.
But conversely, some of his other deals, such as Social Capital IV and III and SuVretta Holdings II, ended in failure and liquidation, reflecting a mixed record in this field.
From criticizing crypto in America to a comeback
The launch of this company comes just two years after controversial statements made by Palihapitiya, in which he claimed that the crypto industry "died in America," blaming former SEC Chairman Gary Gensler for his intense litigation campaign against crypto companies.
However, with Paul Atkins recently taking over the committee presidency, the landscape changed; several prominent lawsuits against companies like Coinbase and Ripple were dropped, and a specialized crypto task force was established to provide a clearer regulatory framework that balances innovation with investor protection.
