Abra to go public via SPAC merger at $750 million valuation

Abra Financial Holdings has agreed to merge with the special purpose acquisition company (SPAC) New Providence Acquisition Corp. III, valuing Abra at a $750 million pre-money equity valuation. The combined entity will be renamed Abra Financial Inc. and list on Nasdaq under the ticker "ABRX." This transaction is expected to provide Abra with significant growth capital, potentially up to $300 million from the SPAC's trust account, though this is subject to shareholder redemptions. Existing Abra investors, including Pantera Capital and SBI, will roll 100% of their equity into the new company, which aims to target high-net-worth investors and institutions in the wealth management market. CEO Bill Barhydt stated the goal is to build institutional-grade crypto wealth management products, focusing on Bitcoin, tokenized assets, and digital asset services. Abra currently manages "hundreds of millions of dollars" in assets and targets over $10 billion in AUM by the end of 2027. The deal requires shareholder approval and customary closing conditions.

(Source：The Block)