Kraken hopes to sell 25 million units priced at $10 each through a public offering
Kraken is lending its name and backing to a new special purpose acquisition company (SPAC) that plans to raise up to $250 million through a public offering. The blank-check firm, called KrakAcquisition, has filed with the US Securities and Exchange Commission to move forward with the IPO.
According to the filing, KrakAcquisition plans to sell 25 million units priced at $10 each. The company intends to list on the Nasdaq Global Market under the ticker symbol “KRAQU.” The SPAC was incorporated in July 2025 and is based in the Cayman Islands.
The venture is backed by Kraken alongside investment firms Tribe Capital and Natural Capital. While KrakAcquisition has not yet identified a takeover target, it has signaled a clear focus on companies tied to digital asset infrastructure and related services.
In its filing, the SPAC emphasized the strategic value of Kraken’s involvement. The exchange is expected to provide industry access, operational insight, and regulatory experience. However, the filing also states that Kraken is not required to participate in or complete any future acquisition.
Despite that, Kraken executives will play active roles in the SPAC. Sahil Gupta, who has overseen strategic initiatives at Kraken since late 2024, will serve as KrakAcquisition’s chief financial officer. Robert Moore, Kraken’s vice president of strategy and corporate development, is set to join the board following the IPO.
The move comes as Kraken itself explores going public. Reports indicate the exchange submitted a confidential filing late last year, suggesting it is still evaluating its own IPO plans alongside this SPAC effort.
KrakAcquisition says its long-term goal is to support companies working at the intersection of traditional finance and decentralized systems. For now, investors will be watching to see whether the Kraken-backed SPAC can attract interest and identify a suitable acquisition target in a competitive market.
