Kraken-linked SPAC targets Nasdaq IPO with $250 million offering

Quick Take

KRAKacquisition, a blank check company sponsored by a Kraken affiliate, has filed to go public on the Nasdaq Global Market.
The company was built for the purpose of effecting a merger with one or more operating businesses.
Kraken filed to go public in the U.S. last November.

KRAKacquisition Corp, a newly formed special purpose acquisition company, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission on Monday for its proposed initial public offering.

According to its official release, the proposed IPO consists of 25,000,000 units. Each unit is expected to hold an offering price of $10 and consist of one Class A ordinary share and one-fourth of one redeemable warrant. The company seeks to list its units on the Nasdaq Global Market under the ticker symbol "KRAQU."

KRAKacquisition was established as a blank check entity for the purpose of effecting a merger or a business combination with one or more operating businesses. An affiliate of Kraken sponsors the company, the press release noted.

However, the company noted that it "has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target."

A report from IPO-focused investment services firm Renaissance Capital said KRAKacquisition is also backed by Tribe Capital and Natural Capital. The latter's co-founder and general partner, Ravi Tanaku, leads the SPAC as CEO and director, while Kraken's Sahil Gupta joins as CFO. KRAKacquisition is eyeing businesses developing the core infrastructure of the crypto economy, such as payment networks and tokenization platforms, the report said.

KRAKacquisition's IPO plan overlaps with that of Kraken. Last November, the crypto exchange confidentially filed its draft S-1 registration statement with the SEC at a $20 billion valuation. Since then, Kraken has formalized an acquisition deal of tokenized asset issuer Backed Finance. Kraken acquired four other companies in 2025, including U.S. futures trading platform NinjaTrader for $1.5 billion.

While it has not landed on a specific target, KRAKacquisition's IPO may serve as a strategic vehicle for Kraken's broader ecosystem expansion, given the exchange's goal of becoming a comprehensive, multi-asset financial platform.

Story updated with information from Renaissance Capital

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