Kraken’s SPAC KRAKacquisition files for $250M Nasdaq IPO

Kraken-Backed SPAC Files for $250 Million IPO

KRAKacquisition Corp., a SPAC linked to Kraken, filed for an IPO aiming to raise $250 million by offering 25 million units at $10 each.
The company plans to list on the Nasdaq Global Market under the ticker "KRAQU."
Each unit comprises one Class A ordinary share and a portion of a warrant for additional shares.
Santander acts as the sole book-running manager for the offering.
The SPAC will focus on merging with firms in the cryptocurrency ecosystem, including trading, payments, and infrastructure services.
This approach allows Kraken to integrate other crypto companies into public markets without a traditional IPO.

Kraken's Broader Public Market Strategy

Kraken is also moving towards becoming a public company, having submitted confidential IPO paperwork.
The firm raised $800 million, valuing it at $20 billion.
Recent expansions include acquiring tokenization firm Backed Finance.
The broader market has seen various crypto-related listings, such as Bullish and Circle Internet, with mixed initial results.