Kraken-Linked SPAC Targeting Acquisition Valuation of Up to $10 Billion

BlockBeats News, March 14th, Crypto exchange Kraken-affiliated special purpose acquisition company (SPAC) KRAK acquisition Corp. is seeking potential acquisition targets, with the target company's valuation reaching as high as $10 billion.

The company's director Ravi Tanuku stated that KRAK acquisition is broadly evaluating crypto-native companies, with a particular focus on areas such as stablecoins, DeFi, and crypto payments, aiming to help small and medium-sized companies enter the public market through reverse mergers.

KRAK acquisition completed a $345 million IPO in January this year and has two years to find an acquisition target. Tanuku noted that the final target company's valuation could also be closer to $20 billion.

At the time of this announcement, Kraken is also considering going public this year, with its valuation reaching $20 billion in a previous $8 billion funding round.