A new crypto-focused SPAC backed by an affiliate of Kraken is preparing to enter public markets, signaling continued momentum for digital asset firms seeking broader investor access.
KRAKacquisition Corp., a special purpose acquisition company sponsored by a Kraken affiliate, has filed for a $250 million initial public offering. If approved, the company plans to list on the Nasdaq Global Market under the ticker “KRAQU.”
Inside the $250 Million IPO Plan
According to the filing, KRAKacquisition Corp. intends to offer 25 million units priced at $10 each. Every unit will consist of one Class A ordinary share along with a fraction of a warrant that allows holders to purchase additional shares in the future.
The SPAC is registered in the Cayman Islands, a common structure for blank-check companies. Spanish banking giant Santander has been named as the sole book-running manager for the offering.
While KRAKacquisition has not yet identified a specific acquisition target, the company stated that its focus will be on businesses operating within the cryptocurrency ecosystem. This approach aligns closely with Kraken’s broader strategy of expanding its footprint across crypto infrastructure and services.
A Strategic Extension of Kraken’s Growth
The name KRAKacquisition appears to reference Kraken’s own payments solution, Krak, hinting at a deeper integration between the exchange and the SPAC’s long-term ambitions. By sponsoring a SPAC, Kraken gains an alternative pathway to bring crypto-related companies to public markets without relying solely on traditional IPO routes.
This move comes as Kraken itself continues preparations for a public listing. In November, the exchange confirmed that it had filed for its own IPO. Earlier, in September, Kraken raised $500 million in a funding round that valued the company at $15 billion. It has also been actively expanding through acquisitions, including the purchase of tokenization specialist Backed Finance in December.
Riding the Crypto IPO Wave
KRAKacquisition’s filing follows a wave of crypto-related IPOs last year that brought several digital asset firms into public trading. CoinDesk’s parent company Bullish has seen its shares rise 8% since going public. Stablecoin issuer Circle Internet has surged 167%, while crypto exchange Gemini Space Station has declined 10% since its debut.
Against this backdrop, KRAKacquisition’s IPO highlights sustained investor interest in crypto-focused public vehicles, even as market conditions remain selective. For Kraken, the SPAC represents both a strategic investment tool and another step toward cementing its presence in traditional financial markets.
If successful, the offering could further bridge the gap between the crypto industry and public capital markets, reinforcing Kraken’s role as one of the sector’s most influential players.