Kraken-backed SPAC KRAKacquisition aims to raise $250M on Nasdaq. The move supports Kraken’s push into public markets
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
Kraken-backed SPAC KRAKacquisition Corp. has filed for a $250 million initial public offering.
The move represents another effort by the crypto exchange to grow its presence in public markets through a blank-check company targeting digital asset businesses
KRAKacquisition Corp., a special purpose acquisition company backed by an affiliate of Kraken, plans to list on the Nasdaq Global Market under the ticker symbol “KRAQU.”
The company is registered in the Cayman Islands and intends to raise $250 million by offering 25 million units priced at $10 each.
Each unit will consist of one Class A ordinary share and a portion of a warrant that can be used to purchase additional shares at a later date.
Santander, the Spanish banking group, is listed as the sole book-running manager for the offering, according to the filing.
The Kraken-affiliated SPAC has not yet named a merger target. However, it said its focus will be on companies operating across the cryptocurrency ecosystem.
This includes firms involved in trading, payments, infrastructure, and related services that support digital assets.
The structure allows Kraken to bring other crypto-focused companies into public markets without taking them through a traditional IPO process.
It also gives Kraken another channel to strengthen its broader business network as competition among exchanges continues to grow.
In a similar development, BitGo Holdings is seeking a valuation of up to $1.96 billion in its latest IPO bid.
It plans to raise $201 million by offering 11.8 million shares priced between $15 and $17 in its IPO.
The filing comes as Kraken itself moves closer to becoming a public company.
In November, the exchange confirmed that it had submitted confidential paperwork for its own IPO.
As detailed, Kraken raised $800 million in a funding round that valued the firm at $20 billion.
It is worth mentioning that in December, Kraken expanded its operations further by acquiring tokenization firm Backed Finance.
The naming of KRAKacquisition also appears to reference Krak, Kraken’s internal payments product. This signals close ties between the sponsor and the SPAC.
The Kraken-affiliated SPAC filing follows a wider wave of crypto-related listings. Firms such as Bullish, Circle Internet, and Gemini Space Station went public last year, with mixed results in early trading.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
