Kraken-related SPAC company applies for listing! Will raise $250 million through an IPO, with senior exchange executives participating

Kraken’s affiliated SPAC “KRAKacquisition” applies for Nasdaq listing, aiming to raise $250 million, focusing on crypto infrastructure as a strategic tool for expanding the Kraken ecosystem.

Registering for Nasdaq listing, KRAKacquisition plans to raise $250 million

According to the S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on January 12, 2026, a new special purpose acquisition company (SPAC) associated with the well-known cryptocurrency exchange Kraken: KRAKacquisition Corp has officially applied to list on Nasdaq’s Global Market. The company plans to raise $250 million through an initial public offering (IPO), with 25 million units to be publicly issued at a price of $10 per unit.

According to the documents, these units will be traded under the ticker “KRAQU.” Under standard SPAC financial structure, each unit includes one Class A common share and one-quarter of a redeemable warrant, with an exercise price of $11.50 per share.

In the future, the company’s Class A shares and warrants are expected to trade separately under the codes KRAQ and KRAQW. The offering is managed by Santander Bank as the sole bookrunner, responsible for managing the sale of the securities. As an exempt company registered in the Cayman Islands in July 2025, KRAKacquisition Corp was established with the initial purpose of merging with one or more operating companies through share exchanges, asset acquisitions, reorganizations, or mergers.

Core members of the exchange listed, building management through cross-institutional collaboration

This newly formed blank check company is sponsored and supported by Kraken’s affiliates, Tribe Capital, and Natural Capital. In terms of leadership, Ravi Tanuku, co-founder and general partner of Natural Capital, will serve as CEO and director.

Notably, several senior executives from Kraken are deeply involved in the operation of this SPAC: Sahil Gupta, responsible for Kraken’s strategic planning since late 2024, will serve as CFO, while Robert Moore, Vice President of Strategy and Corporate Development at Kraken, is expected to join the board after the issuance is completed.

This personnel arrangement reflects the close relationship between the exchange and this investment vehicle. Although KRAKacquisition Corp explicitly states in the documents that Kraken is not a contractual obligor and is not required to participate in any future mergers, Kraken’s involvement as a sponsor partner is expected to provide the company with deep industry ecosystem access, enhanced due diligence capabilities, extensive operational experience, and expertise in regulatory compliance.

Focusing on crypto infrastructure, accelerating cross-chain integration between DeFi and TradFi

Regarding future acquisition targets, KRAKacquisition Corp has stated that it has not yet selected any specific merger targets nor initiated substantive negotiations, but its investment vision is clearly focused on digital asset infrastructure. The company’s core mission is to accelerate the growth of development teams and build bridges between decentralized finance (DeFi) and traditional finance (TradFi).

Specifically, the company plans to seek out businesses developing payment settlement networks, blockchain infrastructure, asset tokenization platforms, and compliance solutions. In its investment thesis, the company also mentions the erosion of purchasing power due to inflation, which reinforces the role of hard assets as a hedge, and emphasizes the emerging status of Bitcoin (BTC) as a decentralized store of value.

According to the terms of the offering, after the IPO, the company will have 18 to 24 months to complete a business merger. If a suitable target is not found within this period, the funds raised in the trust account must be returned to the public shareholders.

Distinguishing from direct exchange listing plans, Kraken actively expands its global footprint

It is important to emphasize that this SPAC listing plan is completely independent of Kraken’s own direct listing process.

According to past reports by “Crypto City,” Kraken had already submitted a confidential S-1 draft registration statement to the SEC in November 2025, seeking to directly list its common stock. To transform into a comprehensive multi-asset financial platform, Kraken demonstrated strong expansion momentum in 2025, acquiring tokenized asset issuer Backed Finance and four other companies, including futures trading platform NinjaTrader, with the NinjaTrader acquisition costing up to $1.5 billion.

Additionally, in 2025, Kraken moved its headquarters from California to Wyoming and completed an $800 million financing supported by institutions such as Tribe Capital, Jane Street, and DRW Venture Capital last November, with a valuation reaching $20 billion.

Further reading
Kraken quietly initiates US IPO! Valuation jumps to $20 billion, possibly listing around 2026
Kraken acquires Backed Finance! Integrates xStocks platform, accelerates tokenized stock layout

Therefore, KRAKacquisition Corp is viewed as a strategic tool for Kraken to expand its broader ecosystem, supporting emerging teams in the digital asset industry.

Crypto companies spark listing boom, with compliance processes boosting capital market confidence

With the policy environment turning more friendly after the 2024 US presidential election, the cryptocurrency industry experienced an unprecedented wave of public listings from 2025 to early 2026. Besides Kraken-related SPACs, several companies such as stablecoin issuer Circle, crypto exchange Gemini, and fintech firm Figure Technologies are also moving toward the public market.

On the same day KRAKacquisition Corp submitted its application, digital asset custody firm BitGo also officially applied for a $200 million IPO. The company currently manages approximately $104 billion in assets and has received preliminary approval for a national trust bank license.

Further reading
BitGo applies for IPO! Valuation expected to reach $1.96 billion, focusing on compliant custody to advance in Wall Street

This collective listing trend reflects that, against the backdrop of gradually clearer regulation, crypto-native companies are actively seeking to establish a long-term presence on Wall Street. Through the strict disclosure standards required by the SEC, these companies aim to transform previously speculative digital assets into transparent and regulated financial instruments, thereby attracting more institutional investors.