Kraken-backed KRAKacquisition raises $345M on Nasdaq

KRAKacquisition Corp, backed by a Kraken affiliate, raised $345M in an upsized Nasdaq IPO, selling 34.5M units. The SPAC will seek a merger target in the crypto sector.

KRAKacquisition Corp, a special purpose acquisition company (SPAC) backed by a Kraken affiliate, has debuted on the Nasdaq Global Market following an upsized initial public offering that raised $345 million. The IPO exceeded its original $250 million target due to strong institutional demand, resulting in the sale of 34.5 million units at $10 each, including the full exercise of the underwriter’s over-allotment option. Each unit consists of one ordinary share and a fraction of a redeemable warrant, with full warrants exercisable at $11.50 per share. The units are listed under the ticker KRAQU; after separation, shares and warrants will trade as KRAQ and KRAQW, respectively. The funds raised are held in trust and will be used to identify and merge with a suitable private company in the crypto sector. No specific target has been announced yet. This listing marks a significant step in bridging digital asset innovation with traditional capital markets.