Backed by a major crypto exchange, the latest kraken spac move aims to capitalize on investor appetite for digital asset listings.
Summary
Details of the KRAKacquisition Corp offering
KRAKacquisition Corp., a new special purpose acquisition company sponsored by an affiliate of Kraken, has filed for a $250 million initial public offering. The SPAC plans to list on the Nasdaq Global Market, adding a fresh vehicle for exposure to crypto-related equities.
The blank-check company, incorporated in the Cayman Islands, intends to offer 25 million units at $10 each. Each unit will consist of one Class A ordinary share and a fraction of a warrant, giving investors the right to purchase additional shares at a later date.
If the IPO is approved, KRAKacquisition will trade under the ticker “KRAQU” on Nasdaq. Moreover, Spanish banking giant Santander is named as the sole book-running manager for the deal, signaling strong traditional finance involvement in the structure of this listing.
Focus on the cryptocurrency ecosystem
The SPAC has not yet identified a merger target. However, KRAKacquisition has stated that it will concentrate on businesses operating in the cryptocurrency industry. That said, the structure gives Kraken a dedicated route to take crypto ecosystem businesses to the stock market, while potentially expanding its own network of infrastructure and services.
The name of the vehicle, KRAKacquisition, appears to reference Kraken’s in-house payments offering, often described as the krak payments solution. This branding tie-in underlines the strategic link between the exchange and the SPAC as they explore new capital market opportunities.
By sponsoring the kraken backed spac, the exchange is deepening its presence in equity markets beyond simple trading access. Moreover, the move reinforces the broader trend of crypto companies public markets activity that accelerated over the past year.
Kraken’s own IPO ambitions
Alongside the SPAC initiative, Kraken has also been progressing toward its own listing. In September, the exchange raised $500 million in a funding round that valued the company at $15 billion, a key step in preparing for a potential direct market debut.
In December, Kraken acquired tokenization specialist Backed Finance, signaling continued expansion into on-chain securities and asset tokenization. However, the firm has not yet set a definitive IPO date, even though it confirmed in November that it had filed confidentially for a U.S. listing.
SPAC within a broader crypto listing trend
The KRAKacquisition Corp IPO fits into a wider wave of cryptocurrency and blockchain-related listings seen last year. Notably, Bullish, the parent company of CoinDesk, went public and has since seen its shares rise 8% from the IPO level.
Another high-profile listing came from stablecoin issuer Circle Internet, whose stock has surged 167% since its debut. By contrast, crypto exchange Gemini Space Station has experienced a 10% decline since it began trading, underscoring that performance among newly listed digital asset firms remains mixed.
Beyond these names, crypto custody provider BitGo is also preparing for a potential listing this year. Moreover, as more firms tap equity markets, the nasdaq kraqu ticker could become a focal point for investors seeking diversified exposure to the sector through a single acquisition vehicle.
For Kraken, the latest kraken spac initiative sits alongside its ongoing IPO plans, illustrating a dual-track strategy to deepen its role across both private and public capital markets.
