Abra, a San Francisco-based digital asset wealth management platform, announced a definitive agreement to go public through a business combination with New Providence Acquisition Corp. III (NPACU), a special purpose acquisition company listed on Nasdaq, in a deal that values Abra at $750 million and could deliver up to $300 million in growth capital.
SPAC Deal Terms
The combined entity will be renamed Abra Financial, Inc. and is expected to trade on Nasdaq under the ticker symbol "ABRX." Existing Abra equity holders — including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures and SBI — will roll 100% of their interests into the new public company.
The transaction consideration consists of newly issued combined company securities based on a $750 million pre-money equity valuation. Proceeds after shareholder redemptions and transaction expenses are expected to fund working capital, growth initiatives and expanded sales and marketing efforts.
Abra operates as an SEC-registered investment advisor offering segregated custody, trading, yield strategies, collateralized lending and advisory services across digital assets including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). The company targets over $10 billion in assets under management by the end of 2027.
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The listing would create what both companies describe as the first publicly traded firm combining an SEC-registered investment advisor with a digital asset wealth management platform.
Bill Barhydt, Abra's founder and CEO, said in a statement that "Bitcoin, stablecoins, and the tokenization of real world assets are quickly becoming the backbone of the future financial system."
Alex Coleman, co-chairman of New Providence, called Abra "a compelling opportunity to invest in a pioneering company" that addresses what he described as an extraordinary market opportunity at the intersection of personal finance and digital assets. The deal still requires approval from shareholders of both companies and is subject to customary closing conditions. Cantor Fitzgerald & Co. is serving as financial and capital markets advisor to Abra.
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