Kraken-Linked SPAC KRAKacquisition Debuts on Nasdaq
Kraken-linked SPAC KRAKacquisition Corp has gone public on Nasdaq after raising $345 million in its initial public offering (IPO), beating its earlier target of $250 million. The company shares began trading on Friday, marking a key step for the crypto-affiliated firm as it enters the public market.
The listing comes as more crypto-related companies are once again looking at public offerings in the US. This increasing IPO trend comes amid evolving regulatory and market conditions.
KRAKacquisition Exceeds $250M IPO Target
According to the latest reports, KRAKacquisition, a Special Purpose Acquisition Company (SPAC), has successfully gone live on Nasdaq today. This significant development comes following the SPAC’s initial public offering that raised a staggering $345 million. This makes the IPO larger than originally planned, as the company had earlier aimed to raise $250 million.
The announcement stated that KRAKacquisition sold 34.5 million units at $10 each. This includes extra units after the underwriter fully exercised its option. Thus, the platform brought the total amount raised to $345 million before fees and expenses.
Notably, KRAKacquisition’s unit began trading on the Nasdaq Global Market on January 28, under the ticker symbol KRAQU. Each unit includes one Class A share and a quarter of a warrant, with a full warrant allowing holders to buy shares at $11.50 each.
Earlier this month, on January 13, the company revealed in an SEC filing its intention to raise $250 million for its potential business operations. Although the team hasn’t revealed its business plans, they noted,
According to the latest reports on Kraken, the exchange is backing a new SPAC that plans to raise up to $250 million through an initial public offering. SPAC is a Special Purpose Acquisition Company, a platform that is created to raise money through an IPO and buy another company. At the time of its launch, it doesn’t usually boast any business operations.
“While we retain flexibility to pursue opportunities in any sector, we believe the most transformative opportunities lie in the convergence of DeFi and TradFi. We believe that our sponsor’s deep expertise in these sectors will provide us with multiple opportunities in these sectors.”
What’s Next for KRAKaquisition?
Reportedly, once the units split, the shares and warrants are expected to trade separately under the ticker symbols KRAQ and KRAQW. The IPO was underwritten by Santander US Capital Markets, and the company’s registration statement became effective on January 27, 2026.
The SPAC is backed by an affiliate of Kraken, along with Natural Capital and Tribe Capital. It was created to find a future merger or acquisition like any other SPACs. However, the company stated that it hasn’t yet chosen any partners or hasn’t had any serious acquisition talks.
At the same time, the platform underscored Kraken’s key role in the SPAC IPO. Adding that the SPAC won’t be “contractually obligated” for any business combination, it added,
“We expect that Kraken’s participation as a partner in our sponsor will incentivize it to assist us, without additional compensation…While we may pursue an initial business combination in any business or industry or sector, we intend to concentrate our efforts on companies in the digital asset ecosystem.”
As per KRAKacquisition’s previous statement, it will now focus on potential deals, particularly in sectors aligned with digital assets, technology, or related industries. As a SPAC, it typically has a limited timeframe to complete a transaction, making the search for the right partner the key priority in the upcoming months.
