Crypto: New Kraken-backed Spac Raises $345m In Upsized Nasdaq Ipo 2026

The blank-check company has yet to name an acquisition target, but the listing creates a new public vehicle tied to the US-based crypto exchange.

Kraken-backed KRAKacquisition Corp has completed an upsized $345 million initial public offering, listing its special purpose acquisition company units on Nasdaq to pursue future mergers or acquisitions.

According to a Friday announcement, the special purpose acquisition company (SPAC) sold 34.5 million units at $10 each, including the full exercise of the underwriter’s over-allotment option. Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant exercisable at $11.50 per share.

The units began trading on the Nasdaq Global Market under the ticker symbol KRAQU on Wednesday.

KRAKacquisition was formed as a SPAC, also known as a blank-check company, which is a publicly listed entity with no operating business that raises capital through an initial public offering (IPO) to pursue a future merger or acquisition.

The company said it has not identified a business combination target or engaged in discussions with any potential acquisition candidates, although its initial SEC filing said it will concentrate efforts on “companies in the digital asset ecosystem.”

The offering follows a Jan. 12 filing in which Kraken disclosed plans to back KRAKacquisition Corp alongside Tribe Capital and Natural Capital.

Founded in 2011, Kraken is one of the longest-operating US-based crypto exchanges. In November, the company said it had confidentially submitted a draft registration statement to the SEC, signaling early preparations for a potential IPO.

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Following a wave of crypto listings in 2025, several digital asset companies are now laying the groundwork for potential public offerings this year.

Source: CoinTelegraph