KRAKacquisition Corp, a special purpose acquisition company (SPAC) affiliated with crypto exchange Kraken, has completed its initial public offering, raising $345 million. The entity, now trading on the Nasdaq under the ticker KRAQU, sold 34.5 million shares at $10 each. The blank-check company stated its mission is to merge with a firm in the digital asset ecosystem to bridge decentralized and traditional finance.
A Kraken-linked SPAC, KRAKacquisition Corp, has raised $345 million in its completed and upsized initial public offering. The firm, trading as KRAQU on the Nasdaq, sold 34.5 million shares at $10 each, exceeding its initial target of 25 million shares.
The “blank check” company intends to combine with an entity in the digital asset ecosystem but has not yet held substantive discussions with a target. “While we may pursue an initial business combination in any business or industry or sector, we intend to concentrate our efforts on companies in the digital asset ecosystem,” the firm wrote in its prospectus filed with the SEC.
Its focus will be on companies developing infrastructure like payments networks or tokenization platforms. “We believe the most transformative opportunities lie in the convergence of DeFi and TradFi,” the filing stated.
The SPAC is sponsored by NCTK Sponsor LLC, formed between Kraken, Tribe Capital, and Natural Capital. The filing notes the sponsor expects assistance from Kraken’s ecosystem access and regulatory expertise. “We believe Kraken’s participation as a partner in our sponsor provides multiple distinct advantages in identifying and executing a successful business combination,” it reads.
Since it began trading, shares have remained near the IPO price, recently changing hands around $10.15. The move comes after Kraken itself filed to go public in November following an $800 million fundraise.
