KRAKacquisition Corp, a special purpose acquisition company sponsored by an affiliate of crypto exchange Kraken, has successfully completed an upsized initial public offering totaling $345 million. The company’s Nasdaq debut highlights renewed activity around crypto-adjacent firms seeking access to U.S. public markets amid evolving regulatory and investor conditions.
Details of the $345 Million IPO
The offering consisted of 34.5 million units priced at $10 each, generating gross proceeds of $345 million before underwriting fees and expenses. This included 4.5 million additional units sold after the underwriter fully exercised its overallotment option. The final raise exceeded the company’s earlier target of $250 million, reflecting stronger-than-expected demand.
Trading Structure and Tickers
KRAKacquisition Corp’s units began trading on the Nasdaq Global Market on January 28 under the ticker KRAQU. Each unit is made up of one Class A ordinary share and one-quarter of a redeemable warrant. Once separated, the shares and warrants are expected to trade independently under the symbols KRAQ and KRAQW. Each full warrant will be exercisable at $11.50 per share.
The blank-check company is backed by a Kraken affiliate alongside investment firms Natural Capital and Tribe Capital. While the SPAC has been formed to pursue a merger or acquisition, it has not yet identified a target or entered into substantive discussions. Santander US Capital Markets served as the sole underwriter, and the IPO registration became effective on January 27.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.