Kraken-backed KRAKacquisition Corp debuts on Nasdaq with $345M IPO

KRAQU started trading on the Nasdaq on January 28.

The SPAC is sponsored by an affiliate of Natural Capital, Tribe Capital, and Payward Inc., Krakens parent company.

According to regulatory filings, the vehicle will focus on businesses operating in digital asset infrastructure, including payment networks, tokenization platforms, blockchain infrastructure, and compliance solutions.

Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant. According to the team, the warrants, which entitle holders to purchase additional Class A ordinary shares at $11.50 per share, are expected to be listed on the Nasdaq Global Market under the ticker symbols “KRAQ” and “KRAQW,” respectively.

The successful closing of this IPO comes at a time when more crypto-related companies are beginning to take the IPO route. Kraken itself confidentially filed for its own IPO in November 2025, about the same time it announced that it had raised $800 million at a $20 billion valuation.

Analysts say that 2025 was the year of IPO revival, as it saw crypto firms like Bullish, Gemini, Circle, eToro, and Figure make their debut.

With the momentum that has marked the beginning of 2026, it will not be surprising to hear more IPO announcements in the coming months, with some utilizing a SPAC like Kraken. The rising appeal for IPOs among crypto companies is also not unrelated to the pro-crypto stance of the United States government.

The registration statement for offering became effective on January 27, 2026.

The company stated that no assurance can be given that it will ultimately complete a business combination.

The move adds a new page to the book of traditional financial institutions engaging with digital asset infrastructure.

Also, SPACs have become a popular vehicle for bringing emerging technology companies public, offering an alternative to conventional IPO processes with faster execution timelines.

The gross proceeds of $345 million, before deducting underwriting discounts, commissions, and other offering expenses, will be held until identifies and consummates a business combination. The company must complete such a transaction within a specified timeframe, usually 18 to 24 months, or return the capital to shareholders.

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