A special purpose acquisition company backed by an affiliate of Kraken has filed to raise $250 million in an initial public offering, signaling continued momentum for crypto linked listings in U.S. public markets. The vehicle, named KRAKacquisition Corp., plans to offer 25 million units priced at $10 each, with each unit consisting of one Class A ordinary share and a partial warrant. The company is registered in the Cayman Islands and has applied to list on the Nasdaq Global Market under the ticker KRAQU. While no acquisition target has been identified, the filing states that the SPAC will focus on businesses across the cryptocurrency ecosystem, including infrastructure, services, and technology platforms. The move provides Kraken affiliated entities with an additional pathway to bring crypto focused companies into public markets.
The offering comes as crypto related dealmaking and capital markets activity continues to pick up following improved market conditions and clearer regulatory signals. Spanish banking group Santander is listed as the sole book running manager for the IPO, underscoring the growing involvement of traditional financial institutions in crypto market transactions. The SPAC structure allows sponsors to raise capital first and then merge with a private company, offering a faster route to public listing compared with traditional IPOs. For Kraken, the SPAC adds another layer to its expanding footprint across trading, payments, and digital asset infrastructure. The naming of the vehicle also hints at strategic alignment with Kraken’s broader product stack, suggesting a focus on assets that complement its existing services rather than purely financial investments.
Kraken itself has been preparing for deeper engagement with public markets after previously signaling plans for its own IPO. The exchange has pursued selective acquisitions and infrastructure investments as it positions for long term growth amid institutional adoption. The filing follows a broader wave of crypto related public listings over the past year, as firms seek capital, scale, and credibility through regulated markets. Several crypto native companies have already gone public, while others continue to explore listing options. The proposed SPAC highlights how crypto firms are increasingly using conventional financial structures to expand their reach, reflecting a shift from experimental growth toward more established capital markets strategies as the sector matures.
