A special purpose acquisition company (SPAC) associated with the cryptocurrency exchange Kraken has initiated plans for a $250 million initial public offering (IPO) on the Nasdaq, as revealed in a registration statement submitted on January 12 to U.S. regulators.
The SPAC, named KRAKacquisition Corp., aims to offer 25 million units on the Nasdaq Global Market. Each unit will comprise one Class A ordinary share paired with a quarter of a redeemable warrant, aligning with common SPAC practices. The company intends to focus on businesses within the cryptocurrency and digital asset ecosystem, emphasizing areas such as payment and settlement networks, tokenization platforms, blockchain infrastructure, and related financial services.
According to the filing, KRAKacquisition Corp. is backed by a Kraken affiliate, alongside Tribe Capital and Natural Capital. Notably, Sahil Gupta, who leads Strategic Initiatives at Kraken, will take on the role of chief financial officer for the SPAC.
This SPAC filing operates independently of Kraken“s ongoing plans for a direct public listing. In November 2025, the exchange submitted a confidential draft S-1 registration statement to the Securities and Exchange Commission (SEC) to facilitate a direct listing of its common stock. However, it is important to note that this registration statement has yet to receive SEC approval, which is a prerequisite for the sale of the securities.
In the context of the IPO, Santander has been designated as the sole book-running manager for the offering. The filing also indicates that investors in the SPAC will retain redemption rights should they choose not to approve any future merger transaction, adhering to the standard terms typically associated with SPACs.
