GSR Acquisition is a SPAC — a blank check company with no operations of its own. GSR Acquisition raised $230M in its November 2024 IPO at $10.00 per unit, with proceeds held in trust while management searches for an acquisition target. The sponsor is GSR Sponsor, and the company is incorporated in the Cayman Islands and listed on Nasdaq. The stated target sectors include software, technology-enabled manufacturing and services, and mobility and transportation, though the mandate is broad. The SPAC model works as follows: management raises capital via IPO, holds proceeds in trust earning interest, then identifies a private company to acquire and take public via a Business Combination. Public shareholders can redeem their shares for their pro rata share of the trust (approximately $10.00 per share) if they don't want to participate in the deal. If no deal closes within 18 months (extendable to 21 months), the trust is liquidated and returned to shareholders. The sponsor earns its return primarily through founder shares — equity received at nominal cost that becomes valuable if a deal closes at a premium to trust value. The sponsor also receives $55,556/month through an administrative services agreement for office space and support services.