Crypto Exchange Apifiny to Go Public Via $530M SPAC

The digital asset trading platform plans to list on Nasdaq after the merge


Source: Shutterstock


key takeaways

  • The deal is expected to close in the third quarter of 2022
  • Apifiny has partnered with over 20 of the top 100 crypto exchanges by trading volume including Huobi Global, OKEx, Kucoin, OKCoin and

Digital asset trading platform Apifiny Group is the latest crypto company to go public via a special purpose acquisition company.

Apifiny has entered a $530 million agreement with Abri SPAC I  to become a publicly traded company on the Nasdaq. 

The deal is expected to close in the third quarter, subject to shareholder and regulatory approval. The combined company is valued at $530 million, including a contribution of up to $57 million of cash held in Abri’s trust account

“We aim to build a truly global digital asset trading network,” Haohan Xu, CEO of Apifiny, told Blockworks. “Going public is just the beginning of the journey.” 

Apifiny sees going public as a means to accelerate growth, become fully regulated and acquire customers more quickly Erez Simha, the company’s president and CFO, told Blockworks.

“When you look at the profile of the team at Abri, they’re highly operational and have many years of private equity experience which I’m sure will contribute to us later on,” Simha said. “At the end of the day, we want to have fun with what we’re doing and want to focus on the business, and I think this has met the criteria we put to ourselves before choosing a partner.”

Founded in 2018, Apifiny, has partnered with over 20 of the top 100 crypto exchanges by trading volume including Huobi Global, OKEx, Kucoin, OKCoin and

Last year, Apifiny was granted a US FINRA broker-dealer license, joining other crypto trading companies like Coinbase, Gemini and Circle. 

The company’s board of members include Tim Murphy, former deputy director of the Federal Bureau of Investigation; Laurence Charney, former partner of Ernst & Young and; Samuel Shen, CEO of Vnet Group, among others. 

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png


With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.


The distributed cell plan provider started selling its own hotspots in October 2023


The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals


The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s


Plus, it’s beginning to look like we may be in for a cruel summer



Engaging with XDC provides access to cutting-edge financial tools and places investors at the forefront of the trade finance revolution


Plus, an update on spot ETH ETFs and what’s on this week’s economic calendar