Kraken-Linked SPAC Files for $250M Nasdaq IPO to Target Crypto Sector

KRAKacquisition Corp, a Cayman Islands-incorporated special purpose acquisition company (SPAC) affiliated with cryptocurrency exchange Kraken, has filed for a $250 million initial public offering on Nasdaq. The SPAC plans to trade under the ticker symbol KRAQU, offering 25 million units at $10 each. Each unit comprises one share of Class A ordinary stock and one-quarter of a redeemable warrant exercisable at $11.50 per share.

The blank-check company will focus on mergers or acquisitions in the digital asset space, specifically targeting payment networks, blockchain infrastructure, tokenization platforms, and compliance solutions. Natural Capital's Ravi Tanaku will serve as CEO, while Kraken's Sahil Gupta takes the CFO role. Santander is sole bookrunner for the offering, which has backing from both Natural Capital and Tribe Capital.

Notably, the filing discloses no current business combination discussions. The MOVE comes as institutional interest in cryptocurrency infrastructure grows, with SPACs emerging as a popular vehicle for bringing crypto-adjacent businesses to public markets.