Abra Plans Nasdaq Debut in $750M SPAC Deal With New Providence

Digital asset wealth management platform Abra announced a definitive agreement to go public through a reverse merger with the special purpose acquisition company (SPAC), New Providence Acquisition Corp. III, valuing the crypto wealth manager at a pre-money equity valuation of $750 million. Existing investors, including Pantera Capital and SBI, will roll over their shares, and the combined entity is expected to trade on the Nasdaq under the ticker ABRX. Founded by CEO Bill Barhydt, Abra focuses on serving high-net-worth investors, institutions, and family offices with services like custody, yield strategies, and trading. This move follows Abra's restructuring of its US operations, including settling with regulators over its Abra Earn crypto lending product. The trend of crypto companies using SPACs for public listings is noted, though experts caution about risks like volatility and regulatory uncertainty compared to traditional IPOs.

(Source：Cointelegraph)