Kraken Backs SPAC Filing For US Crypto Infrastructure IPO

KrakAcquisition, a new special purpose acquisition company (SPAC) backed by major US crypto exchange Kraken, Tribe Capital, and Natural Capital, has filed with the SEC to raise up to $250 million in an initial public offering (IPO). The blank check company plans to offer 25 million units at $10 each and seek a listing on the Nasdaq under the ticker "KRAQU."

The SPAC intends to focus its efforts on companies within the digital asset ecosystem, aiming to accelerate growth for firms bridging decentralized finance (DeFi) and traditional finance. KrakAcquisition highlighted that Kraken's involvement as a sponsor partner offers advantages like deep ecosystem access and regulatory expertise, although Kraken is not contractually obligated to pursue a business combination.

Key Kraken personnel are involved in KrakAcquisition's management, including CFO Sahil Gupta and Director Robert Moore, Kraken's VP of strategy and corporate development. This SPAC filing comes as Kraken itself reportedly filed a confidential S-1 in November for a potential direct IPO.

(Source：Cointelegraph)