Kraken-Backed SPAC Submits Nasdaq Listing Application, Aims to Raise $250 Million

BlockBeats News, January 13th, the U.S. cryptocurrency exchange Kraken is officially supporting a newly formed Special Purpose Acquisition Company (SPAC) that plans to go public through a Kraken-affiliated sponsor.

The new blank-check company, KrakAcquisition, supported by Kraken, Tribe Capital, and Natural Capital, filed documents with the U.S. Securities and Exchange Commission (SEC) on Monday, January 13th, aiming to raise up to $250 million through an Initial Public Offering (IPO).

According to the SEC filing, this exempt company registered in the Cayman Islands plans to issue 25 million shares (at $10 per share) in July 2025 and is seeking to list on the Nasdaq Global Market under the stock symbol 'KRAQU'.

Although the SPAC is primarily targeting companies in the cryptocurrency infrastructure sector, reportedly Kraken separately submitted a confidential S-1 form in November last year seeking a potential IPO listing for its common stock.