Kraken-Linked SPAC Eyes $250 Million US Public Offering

KRAKacquisition Corp., a recently formed peculiar intent acquisition institution (or SPAC), projected a $250 cardinal nationalist offering successful a registration connection filed connected Monday.

The Cayman Islands-based firm, which is sponsored by an affiliate of crypto speech Kraken, would connection 25 cardinal units astatine $10 a piece, according to a document filed with the U.S. Securities and Exchange Commission. The units comprise 1 Class A stock and a fraction of a warrant that allows purchases to get much of the company’s stock.

The blank cheque steadfast said it aims to database shares connected the Nasdaq, which would commercialized nether the ticker awesome “KRAQU.” Eventually, the firm’s Class A shares and warrants would alteration hands separately, respectively nether the ticker symbols “KRAQ” and “KRAQW.”

The institution said that it whitethorn prosecute a merger with “any concern oregon industry,” without having selected a people yet. Still, the company’s sponsor was formed successful concern with Kraken and task superior firms Tribe Capital and Natural Capital.

The filing lists Santander arsenic the KRAKacquisition’s sole book-running manager, meaning that the Spanish multinational slope would beryllium solely successful complaint of managing the securities offering.

In November, Kraken said that it had raised $800 cardinal astatine a $20 cardinal valuation, with backing from Tribe Capital alongside Wall Street giants Jane Street and DRW Venture Capital.

Crypto Firm BitGo Targets Nearly $2 Billion Valuation successful US IPO Filing

With regulatory tailwinds astatine the industry’s backmost pursuing President Donald Trump’s re-election successful 2024, a panoply of crypto-native firms archetypal went nationalist past year. That included stablecoin issuer Circle, crypto speech Gemini, and fintech Figure Technologies.

On Monday, BitGo, which specializes successful safeguarding integer assets, filed for a $200 cardinal nationalist offering. The steadfast says it manages astir $104 cardinal successful assets. Last month, the steadfast gained conditional support for a nationalist spot banking charter, alongside different crypto firms.

Crypto Exchange Kraken Files for IPO Following $800 Million Raise

Kraken said successful November that it had confidentially filed a registration connection with the SEC, aft months of speculation that the institution could prosecute a nationalist offering. Last year, the institution besides moved its office to Wyoming from California.

KRAKacquisition’s concern thesis references inflation, arguing that an erosion of the U.S. dollar’s purchasing powerfulness reinforces the relation of “hard assets arsenic hedges.” The filing past highlights Bitcoin’s emerging relation arsenic “a decentralized store of value.”

As an affiliate of Kraken, KRAKacquisition besides underscored the crypto exchange’s heavy ties passim the industry, regulatory expertise, and years of hazard management.