A special purpose acquisition company sponsored by cryptocurrency exchange Kraken filed for a $250 million initial public offering on Nasdaq.
KRAKacquisition plans to offer 25 million units at $10 each, with trading expected under the ticker KRAQU.
The SPAC's leadership includes Ravi Tanaku, co-founder of Natural Capital, as CEO and Kraken's vice president of strategy Robert Moore as director.
Spanish banking giant Santander will serve as sole book-running manager.
What Happened
Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant exercisable at $11.50 per share.
The Cayman Islands-incorporated SPAC will target businesses developing digital asset infrastructure including payment networks, blockchain infrastructure, tokenization platforms and compliance solutions.
KRAKacquisition has not selected a specific business combination target and has not engaged in substantive discussions with potential merger partners.
The filing follows Kraken's confidential Form S-1 submission with the Securities and Exchange Commission in November for its own initial public offering.
Kraken raised $800 million last November at a $20 billion valuation with strategic participation from Citadel Securities.
The exchange acquired futures trading platform NinjaTrader for $1.5 billion in March 2025, marking the largest-ever deal combining traditional finance and cryptocurrency sectors.
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Why It Matters
The SPAC vehicle provides Kraken with another mechanism for bringing crypto infrastructure companies into public markets beyond direct acquisitions.
KRAKacquisition's target focus aligns with Kraken's strategy of expanding beyond spot cryptocurrency trading into multi-asset services including futures, tokenization and payment infrastructure.
The filing comes during a resurgence in cryptocurrency-related public offerings throughout 2025.
Circle (USDC) Internet debuted in June, Bullish listed in August, and Gemini Space Station completed its Nasdaq debut in September, though all three have experienced significant post-IPO volatility.
Kraken is targeting a first-quarter 2026 public debut following SEC review of its confidential filing.
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