Digital asset wealth management platform Abra has announced it will become a public company via a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III. The deal values Abra at a pre-money equity valuation of $750 million. Following the transaction, which involves existing investors rolling over their shares, the combined entity is expected to trade on the Nasdaq under the ticker symbol ABRX, focusing on crypto wealth management services.
Digital asset wealth management platform Abra is going public through a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III. This marks the latest attempt by a crypto company to access public markets as investor interest in the sector rebounds.
On Monday, Abra announced a definitive agreement with the blank-check company, valuing the crypto wealth manager at a pre-money equity valuation of $750 million. Existing investors, including Pantera Capital, Blockchain Capital, RRE Ventures, Adams Street and SBI, will roll over their shares into the combined entity.
Following the transaction, the new entity is expected to trade on the Nasdaq under the ticker symbol ABRX. The public company will focus on crypto wealth management, offering custody and segregated accounts, yield strategies, crypto-backed loans, treasury management and trading services.
Founded in 2014 by CEO Bill Barhydt, Abra operates a digital asset platform serving high-net-worth investors, institutions and family offices. Its investment management arm, Abra Capital Management LP, is registered as an investment adviser with the US Securities and Exchange Commission.
Abra has been restructuring its US operations following regulatory scrutiny. In 2024, the company reached a settlement with regulators in 25 US states over its Abra Earn crypto lending product, agreeing to return assets to investors and wind down the program for US clients.
Abra is one of several digital asset companies seeking public listings as the industry looks to attract traditional capital. In the past year, SPACs have drawn renewed interest as a route for crypto-related companies to enter the public markets, Jessica Groza, partner with Kohrman Jackson & Krantz, said.
“While this model offers rapid liquidity, valuation flexibility, and access to institutional capital, it also carries substantial risks: volatility, structural dilution, opaque disclosures, technical complexity and regulatory uncertainty.” Traditional initial public offerings (IPO) have been the preferred route for several big name crypto players over the past year, including stablecoin issuer Circle Internet Group and crypto exchange Gemini.
Blockchain-focused financial services company Figure Technologies and institutional trading platform Bullish also went public via IPO during the same period. Other companies are reportedly exploring public offerings as well, including hardware wallet maker Ledger and institutional crypto custodian Copper.
