- Kraken backed KRAKacquisition raised $345 million and listed on Nasdaq showing strong demand for crypto focused SPACs.
- KRAKacquisition targets digital asset infrastructure firms while holding IPO funds in trust for up to 24 months.
- The IPO adds momentum to renewed crypto listings as exchanges custodians and token firms explore public markets.
Kraken-sponsored KRAKacquisition Corp has closed an overpriced $345 million initial public offering and began trading its SPAC units on Nasdaq. The blank-check company sold the 34.5 million units at the price of $10 per unit. The sale was accompanied by the entire exercise of the underwriter over-allotment option. The units started trading in Nasdaq Global Market with the ticker symbol KRAQU. The listing presents a new publicly traded investment vehicle that is linked to the US-based crypto exchange.
The units contain one Class A ordinary share and one-quarter of a redeemable warrant. The warrants permit its holders to buy a share at $11.50. Besides this, the company will list the shares and warrants separately. The offering registration statement became effective on January 27, 2026. The IPO followed a filing made earlier this month.
Upsized IPO Highlights Strong Market Interest
KRAKacquisition initially planned to raise $250 million through 25 million units. The company however increased the target to $300 million prior to pricing. The over-allotment exercise subsequently raised total proceeds to $345million. This change indicates that the investor interest in crypto-related market exposure remains.
Although the debut has been good, the company has not pointed to an acquisition target. It has also avoided talking to potential merger partners. Still, regulatory filings outline a defined strategy. The SPAC plans to focus on companies within the digital asset ecosystem.
Focus Remains on Digital Asset Infrastructure
According to filings, KRAKacquisition will target digital asset infrastructure businesses. These include payment networks and tokenization platforms. The strategy also covers blockchain infrastructure and compliance solutions. The focus reflects rising institutional interest in regulated crypto services.
KRAKacquisition operates as a special purpose acquisition company without operating activities. This structure allows it to raise capital before completing a merger. An affiliate of Natural Capital sponsors the SPAC alongside Tribe Capital. Payward Inc., Kraken’s parent company, also supports the vehicle.
Capital Protections and Market Context
The company will hold gross proceeds in a trust account. The funds will remain restricted until a business combination closes. SPAC rules require completion of a transaction within 18 to 24 months. If the deadline passes, the company must return capital to shareholders.
Meanwhile, Kraken continues to expand its public market footprint. Founded in 2011, Kraken ranks among the longest-operating US crypto exchanges. Kraken launched 60 tokenized US stocks via Solana for global users with 24 hour trading and full DeFi integration access. Moreover, in November 2025, the company confidentially filed draft IPO paperwork. Around the same time, Kraken disclosed an $800 million funding round that valued the exchange near $20 billion.
The broader crypto sector has also shown renewed listing activity. Hardware wallet maker Ledger has explored a US IPO with a valuation above $4 billion. Digital asset custodian Copper has reviewed listing options following BitGo’s recent debut. BitGo also filed for a confidential IPO last year. Tokenization platform Securitize also reported revenue of $55.6 million for 9 months ending September 2025, reflecting strong growth across digital asset infrastructure.
