Kraken-Backed SPAC Closes Nasdaq IPO, Raises $345M

Kraken-backed KRAKacquisition Corp has completed an upsized $345 million initial public offering, listing its special purpose acquisition company units on Nasdaq to pursue future mergers or acquisitions.

According to a Friday announcement, the SPAC sold 34.5 million units at $10 each, including the full exercise of the underwriter’s over-allotment option. Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant exercisable at $11.50 per share. The units began trading on the Nasdaq Global Market under the ticker symbol KRAQU on Wednesday.

KRAKacquisition was formed as a SPAC, a publicly listed vehicle that raises capital via an IPO to pursue a future merger or acquisition. The company’s public disclosures note it has not identified a business combination target or engaged in discussions with any potential acquisition candidates; however, its initial SEC filing said it will concentrate efforts on “companies in the digital asset ecosystem.”

The company’s formation and the backing of Kraken — alongside strategic investors such as Tribe Capital and Natural Capital — point to a broader push within the crypto sector to access traditional capital markets through SPAC structures. Kraken’s public appetite for a U.S. listing appears to be advancing in parallel with a wider revival in crypto-related IPO activity, even as market dynamics remain uneven. In November, Kraken signaled early preparations for a potential IPO by confidentially submitting a draft registration statement to the U.S. Securities and Exchange Commission.

That move, described in a contemporaneous report, followed a flurry of crypto-centric IPO chatter in 2025 and into 2026 as several digital-asset firms evaluate public-market access. Ledger, the hardware wallet maker, has been cited as exploring a U.S. initial public offering that could value the company at more than $4 billion, with talks reportedly ongoing with major banks including Goldman Sachs, Jefferies and Barclays. Copper, a crypto custodian, was also said to be weighing an IPO path with banks such as Deutsche Bank, Goldman Sachs and Citigroup as potential underwriters, following recent NYSE debut activity by rival BitGo. Separately, tokenization platform Securitize disclosed a substantial jump in revenue as it pushes forward with a Cantor Fitzgerald–backed SPAC plan to go public, highlighting the broader sector-wide push toward liquidity through public markets.

In this environment, KRAKacquisition’s upsized offering underscores the continued investor appetite for blank-check vehicles tied to the crypto ecosystem, even as the broader market remains sensitive to regulatory developments and macro swings. The SPAC structure offers a streamlined route to public markets for crypto-adjacent entities, but it also requires clear milestones and a credible target, which investors will scrutinize as the de-SPAC timeline unfolds.

Kraken’s involvement in KRAKacquisition also aligns with the firm’s longer-term strategic aims. The exchange has pursued a public-market footprint while expanding its product suite and institutional offerings. The company’s confidential filing in November 2025 signaled preparations for a potential IPO, signaling an expanded appetite for traditional market access among established crypto players. The evolving IPO landscape for crypto-native and crypto-adjacent companies illustrates both opportunity and risk: access to larger pools of capital coexists with heightened scrutiny from regulators and investors who seek greater clarity on business models, governance, and profitability.

Key takeaways

• KRAKacquisition Corp upsized its IPO to $345 million, selling 34.5 million units at $10 each, including full exercise of the over-allotment option.
• Each unit includes one Class A ordinary share and one-quarter of a redeemable warrant exercisable at $11.50, expanding liquidity for potential de-SPAC strategies.
• The SPAC began trading on Nasdaq Global Market under the ticker KRAQU, marking Kraken’s continued push toward a crypto-linked public listing framework.
• Globenewswire’s press release confirms the closing of the offering and the full exercise of the underwriter option, signaling strong positioning for the blank-check vehicle.
• Industry observers note a wave of crypto IPO activity in 2025–2026, with Ledger, Copper and Securitize among firms considering or pursuing public listings via traditional exchanges or SPAC structures.

Tickers mentioned: $KRAQU

Sentiment: Neutral

Market context: The crypto IPO/SPAC landscape remains at a transitional juncture, balancing renewed investor interest in crypto-backed public vehicles with heightened regulatory scrutiny and valuation discipline as traditional markets re-price risk and policy developments evolve.

Why it matters

The completion of the upsized KRAKacquisition offering highlights how crypto-native firms continue to seek capital access through SPACs and IPOs, signaling a broader appetite among institutional investors for crypto exposure within regulated markets. While SPACs offer a faster route to public markets than traditional IPOs, the success of such vehicles depends on the ability to translate exploration and strategic intent into tangible, executable deals. In Kraken’s orbit, the move reinforces the potential for crypto ecosystems to leverage mainstream capital markets to fund technology bets, ecosystem partnerships, and concurrency with traditional financial products.

From a market structure perspective, the ongoing activity reflects both the maturation of the crypto industry and the need for clearer governance and financial reporting standards. Industry participants are watching how these listings manage disclosures, investor relations, and de-SPAC timelines, especially as competition among SPAC sponsors increases and as regulators scrutinize disclosures and valuation methodologies in the crypto space.

What to watch next

• De-SPAC milestones: watch for announcements regarding a target, deal terms, and potential regulatory approvals related to KRAKacquisition’s pursuit of a crypto-focused business.
• Ledger’s US IPO timeline and bank syndicate details as disclosed, including any updated valuation targets or pricing guidance.
• Copper’s IPO planning developments and bank commitments, especially any regulatory or market signaling that clarifies timing.
• Securitize’s Cantor-backed SPAC progress and revenue-oriented disclosures that could influence investor sentiment around crypto tokenization platforms.

Sources & verification

• Globenewswire press release: KRAKacquisition Corp Announces Closing of Upsized $345 Million Initial Public Offering and Full Exercise of Over-Allotment Option
• SEC filing referenced in the article (ny20054630x5_s1.htm)
• Kraken’s confidential draft registration filing with the SEC (reported by Cointelegraph)
• KRAQU trading and unit structure data (Yahoo Finance)
• Related crypto IPO coverage: Ledger and Copper IPO discussions; BitGo NYSE debut and Securitize revenue disclosures (Cointelegraph articles)

What the story means for the market

Market participants should monitor how crypto-focused SPACs perform in the near term, particularly as de-SPAC targets emerge or fail to materialize. The KRAQU listing signals appetite for regulated routes into crypto ecosystems, while ongoing discussions around Ledger, Copper, and Securitize show that the broader IPO window for crypto-adjacent companies remains active, albeit uneven. If these listings begin to demonstrate credible business models, strong governance, and clear alignment with investor protections, they could help sustain liquidity and investor confidence in the crypto sector’s public-market ambitions.