Kraken Backs SPAC Filing For US Crypto Infrastructure IPO

Main US cryptocurrency change Kraken is backing a brand new particular goal acquisition firm (SPAC) that plans to go public by a Kraken-affiliated sponsor.

KrakAcquisition, a brand new clean examine firm backed by Kraken, Tribe Capital and Pure Capital, on Monday filed with the Securities and Alternate Fee (SEC) to lift as much as $250 million in an preliminary public providing (IPO).

Included in July 2025 as a Cayman Islands exempted firm, KrakAcquisition plans to supply 25 million models at $10 every and expects to use to record the models on the Nasdaq International Market beneath the ticker image “KRAQU,” in accordance with the SEC submitting.

Whereas the SPAC is concentrating on companies in crypto infrastructure, Kraken reportedly filed a separate confidential Form S-1 in November searching for to record its frequent inventory in a possible IPO as effectively.

Kraken personnel concerned within the SPAC

Within the submitting, KrakAcquisition stated the corporate has not chosen a particular enterprise mixture goal and has but to interact in any substantive discussions concerning a possible deal.

The SPAC highlighted a number of benefits of Kraken’s participation as a sponsor associate, together with deep ecosystem entry, enhanced diligence, working expertise and regulatory experience.

On the similar time, KrakAcquisition famous that Kraken “won’t be contractually obligated” to execute any enterprise mixture, including: “We count on that Kraken’s participation as a associate in our sponsor will incentivize it to help us, with out further compensation.”

Nonetheless, Kraken has key personnel concerned within the SPAC’s administration crew.

Amongst them is Sahil Gupta, KrakAcquisition’s chief monetary officer, who has additionally led Kraken’s strategic initiatives since late 2024.

Kraken’s vice chairman of technique and company growth, Robert Moore, will function a director of KrakAcquisition upon completion of the providing.

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“Whereas we might pursue an preliminary enterprise mixture in any enterprise or business or sector, we intend to pay attention our efforts on corporations within the digital asset ecosystem,” KrakAcquisition’s SEC submitting reads.

The corporate’s mission is to speed up the subsequent part of progress for the groups constructing the bridge between decentralized finance and conventional finance, KrakAcquisition stated.

Cointelegraph approached KrakAcquisition and Kraken for remark concerning the proposed IPO, however had not acquired a response on the time of publication.