Kraken backs KrakAcquisition SPAC seeking up to $250 million in Nasdaq IPO

Major US cryptocurrency exchange Kraken is backing a new special purpose acquisition company, KrakAcquisition, which filed with the U.S. Securities and Exchange Commission to raise up to $250 million in an initial public offering. Incorporated in July 2025 as a Cayman Islands exempted company, KrakAcquisition plans to offer 25 million units at $10 each and expects to apply to list the units on the Nasdaq Global Market under the ticker symbol KRAQU, according to the SEC filing.

The SPAC said it intends to concentrate on companies in the digital asset ecosystem and is targeting businesses in crypto infrastructure. Kraken reportedly filed a separate confidential Form S-1 in November seeking to list its common stock in a potential IPO as well. The filing said KrakAcquisition has not selected a specific business combination target and has yet to engage in substantive discussions.

It highlighted several advantages of Kraken’s participation as a sponsor partner, including deep ecosystem access, enhanced diligence, operating experience and regulatory expertise, but noted Kraken 'will not be contractually obligated' to execute any business combination and that the SPAC expects Kraken's participation will incentivize assistance without additional compensation.

KrakAcquisition named Sahil Gupta as chief financial officer; Gupta has also led Kraken's strategic initiatives since late 2024.

Key Topics

Crypto, Kraken, Krakacquisition, Nasdaq, Sec, Spac