Kraken-backed KRAKacquisition Corp completes $345 million upsized IPO, begins Nasdaq trading

Kraken-linked special purpose acquisition company KRAKacquisition Corp has closed an upsized $345 million initial public offering and begun trading on Nasdaq, the company said Friday.

The debut follows earlier plans for a smaller raise of $250 million and comes as crypto-linked firms continue to explore public market routes amid shifting regulatory and capital market conditions in the U.S.

Per Friday’s announcement, the offering comprised 34.5 million units priced at $10 each, including 4.5 million units sold after the underwriter exercised its overallotment option in full. Gross proceeds totaled $345 million before fees and expenses.

KRAKacquisition’s units started trading on the Nasdaq Global Market exchange on Jan. 28 under the ticker symbol KRAQU. Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant, with each full warrant exercisable at $11.50 per share.

Once the units separate, the shares and warrants are expected to trade under the symbols KRAQ and KRAQW, respectively. Santander US Capital Markets acted as the sole underwriter for the offering. A registration statement for the IPO became effective on Jan. 27, according to the filing.

The blank-check company is sponsored by an affiliate of Kraken, alongside Natural Capital and Tribe Capital, and was formed to pursue a future merger or acquisition. The company said it has not yet identified a specific target and has not engaged in substantive discussions with any potential counterparties.