Kraken-Linked SPAC Files For $250 Million Nasdaq IPO

• Kraken-linked KRAKacquisition filed for a $250 million Nasdaq IPO and plans to trade under the ticker KRAQU.
• The offering includes 25 million units priced at $10 each, with each unit consisting of a share and a partial warrant.
• The Cayman Islands–incorporated SPAC has not yet identified a merger target and will seek one after completing the IPO.

As crypto firms return to U.S. public markets, a Kraken-linked special purpose acquisition company (SPAC) has stepped into the spotlight. According to the company’s IPO announcement on Tuesday, Kraken-linked SPAC KRAKacquisition Corp. filed for a $250 million initial public offering that would list on Nasdaq under the ticker KRAQU.

The blank-check firm, known as a special purpose acquisition company (SPAC) and incorporated in the Cayman Islands, said the proposed offering would include 25 million units priced at $10 per unit. 

Each unit is expected to consist of one Class A ordinary share and one-fourth of a redeemable warrant. This is a structure commonly used by SPACs to give investors additional upside if the vehicle later completes a merger

KRAKacquisition said it has not selected a business combination target, referring to raising capital first and will later look for a private company to merge with to take it public. The company added that its registration statement on Form S-1 has been filed with the SEC but has not yet become effective. They added that the securities cannot be sold until the SEC completes its review process.

Crypto IPO Momentum Builds 

The filing lands as crypto firms continue to explore U.S. public listings. Kraken’s operating company, Payward Inc., said in November 2025 that it confidentially submitted a draft Form S-1 to the SEC related to a proposed IPO of its common stock. Though the share count or a price range has yet to be disclosed by them.

The crypto IPO market picked up in 2025 after years of false starts, PitchBook reported. It pointed to multiple public listings, including Bullish (BLSH), Circle (CRCL), eToro (ETOR), Figure (FIGR), and Gemini (GEMI), while firms such as Grayscale Investments also filed for IPO on Monday.

PitchBook added that investors are watching 2026 for more liquidity as U.S. rules become clearer. It also mentioned that the value of crypto VC deals rose to $19.7 billion in 2025, driven by more growth-stage funding.

Read also: VanEck Says First Quarter Could Mark ‘Risk On’ Phase For Crypto Markets

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on