A special purpose acquisition company (SPAC backed by crypto exchange Kraken has successfully completed a $345 million initial public offering on Nasdaq, creating a new publicly traded vehicle intended to pursue mergers or acquisitions in the digital asset space.
KRAKacquisition Corp, the blank-check company backed by Kraken alongside strategic partners such as Tribe Capital and Natural Capital, closed its upsized initial public offering with gross proceeds of $345 million, well above its originally planned raise. The SPAC sold 34.5 million units at $10 each, including the full exercise of the underwriter’s over-allotment option.
Each unit comprises one Class A ordinary share and one-quarter of a redeemable warrant, exercisable at $11.50 per share. The units began trading on the Nasdaq Global Market under the ticker symbol “KRAQU”, marking a notable step for crypto-linked financial vehicles in traditional capital markets.
KRAKacquisition was formed specifically to seek out a future business combination or acquisition, though it has not yet disclosed a target or entered substantive discussions with potential candidates. According to filings with the U.S. Securities and Exchange Commission, the SPAC intends to focus on companies within the digital asset ecosystem, signaling a strategy that aligns with Kraken’s core strengths and industry positioning.
Blank-check company debuts on Nasdaq amid renewed crypto IPO activity
The successful upsized IPO reflects robust institutional demand, as investors took advantage of the full over-allotment option — often regarded as a sign of confidence in the capital raise and the SPAC’s future prospects.
Kraken itself, one of the longest-operating U.S. crypto exchanges founded in 2011, has been laying groundwork for broader public market participation, including previously filing a draft registration statement confidentially with the SEC as part of preliminary IPO preparations. This move complements the SPAC listing and underscores the exchange’s long-term strategic interest in accessing regulated capital markets.
The listing also comes amid a broader resurgence in crypto-related public offerings, following a wave of digital-asset companies exploring IPOs and SPACs to tap new pools of capital. Other firms such as crypto hardware wallet maker Ledger and custodian Copper are reportedly evaluating U.S. listings, while tokenization platform Securitize advances its own SPAC plans.
Looking ahead, the key milestones for KRAKacquisition will center on identifying and executing a definitive merger or acquisition, securing regulatory approvals when needed, and generating value for public investors as it transitions from a blank-check entity into an operating public company in the dynamic digital asset ecosystem.
