Subversive Bitcoin Acquisition, a blank check company led by the founder of Subversive Capital targeting crypto and blockchain, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
The company plans to raise $100 million by offering 10 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
Subversive Bitcoin Acquisition is led by CEO and Chairman Michael Auerbach, the founder and Managing Member of New York-based investment firm Subversive Capital. He is joined by CFO Akshai Rajendran, the former CEO of Pattern Research. The SPAC plans to target the cryptocurrency and blockchain technology sectors, including but not limited to exchanges, custody companies, market makers, and blockchain platforms.
Auerbach previously served as Chairman of two Canada-listed SPACs: Subversive Acquisition LP, which merged with cannabis company InterCure (TSX: INCR.U, Nasdaq: INCR) in 2021; and Subversive Capital Acquisition, which closed the largest cannabis SPAC in history, merging with TPCO Holdings in 2021 to create Gold Flora (NEO: GRAM.U, OTC: GRAM).
The New York, NY-based company was founded in 2025 and plans to list on the Nasdaq under the symbol SBAQU. Jefferies and Canaccord Genuity are the joint bookrunners on the deal.
