Crypto Exchange Kraken's SPAC Vehicle Secures $345M Through Expanded Nasdaq Debut
While no merger partner has been identified yet, the special purpose acquisition company's public debut establishes a fresh publicly-traded entity connected to the American cryptocurrency platform.
KRAKacquisition Corp, which has financial backing from Kraken, has successfully finalized an expanded initial public offering worth $345 million, bringing its special purpose acquisition company units to the Nasdaq exchange as it seeks out potential merger or acquisition opportunities in the future.
Based on an announcement made Friday, the blank-check company (SPAC) completed the sale of 34.5 million units priced at $10 apiece, which encompasses the complete utilization of the underwriter's over-allotment provision. Every individual unit is comprised of a single Class A ordinary share combined with one-quarter of a redeemable warrant that can be exercised at a price of $11.50 per share.
Trading of the units commenced on the Nasdaq Global Market on Wednesday, operating under the ticker designation KRAQU.
The formation of KRAKacquisition occurred as a SPAC, commonly referred to as a blank-check company, representing a publicly traded vehicle without operational business activities that accumulates funds via an initial public offering (IPO) with the objective of pursuing a merger or acquisition down the line.
According to the company's statements, no specific business combination target has been pinpointed, nor has the entity entered into conversations with any prospective acquisition candidates at this time, though documentation filed initially with the SEC indicated the company will focus its attention on "companies in the digital asset ecosystem."
This public offering comes after a filing submitted on Jan. 12 in which Kraken revealed its intentions to provide backing for KRAKacquisition Corp in partnership with Tribe Capital and Natural Capital.
Established in 2011, Kraken stands as one of the most enduring cryptocurrency exchanges operating within the United States. During November, the platform announced it had privately submitted a preliminary registration statement to the SEC, indicating initial groundwork for a possible IPO.
Fresh cohort of cryptocurrency IPO prospects takes shape
In the wake of numerous crypto company listings throughout 2025, multiple digital asset enterprises are currently establishing the foundation for possible public offerings during this year.
Ledger, a provider of cryptocurrency hardware wallets, is purportedly considering a United States initial public offering that could assign the company a valuation exceeding $4 billion. The France-based enterprise is reportedly conducting conversations with Goldman Sachs, Jefferies and Barclays concerning a prospective listing.
This past Thursday, reports surfaced that Copper, a digital asset custody provider, is examining the possibility of an IPO, coming on the heels of competing firm BitGo's recent listing debut on the New York Stock Exchange. Copper is evaluating various listing possibilities while working with financial institutions that include Deutsche Bank, Goldman Sachs and Citigroup.
Securitize, a platform focused on tokenization, revealed a significant surge in revenue figures as the company advances with its strategy to become publicly traded through a blank check company that has backing from Cantor Fitzgerald. Within a registration statement submitted to the SEC, Securitize reported that revenue climbed to $55.6 million during the nine-month period that concluded in September 2025, representing an increase of 841% compared to the previous year's corresponding period.