Major US cryptocurrency exchange Kraken is backing a fresh special purpose acquisition company (SPAC) that plans to go public through a Kraken-affiliated sponsor.
KrakAcquisition, a fresh blank check company backed by Kraken, Tribe Capital and Natural Capital, on Monday filed with the Securities and Exchange Commission (SEC) to raise up to $250 million in an initial public offering (IPO).
KrakAcquisition, formed in July 2025 as a Cayman Islands exempt company, plans to offer 25 million units at $10 each and expects to apply to list the units on the Nasdaq Global Market under the symbol “KRAQU,” according to SEC filings.
While SPACs focus on crypto infrastructure companies, Kraken reportedly filed a separate confidential Form S-1 in November seeking to also list its common stock in a potential public offering.
Kraken Staff Involved in SPACs
In its filing, KrakAcquisition said the company has not selected a specific business combination target and has not yet entered into any substantive discussions about a potential transaction.
The SPAC highlighted several advantages of Kraken’s participation as a sponsor partner, including deep access to the ecosystem, greater diligence, operational experience and regulatory expertise.
At the same time, KrakAcquisition noted that Kraken “will not be contractually obligated” to conduct any business combination, adding: “We expect that Kraken’s participation as a partner in our sponsor will encourage it to assist us without additional compensation.”
Still, Kraken has key personnel involved in the SPAC’s management team.
Among them is Sahil GuptaCFO of KrakAcquisition, who also leads Kraken’s strategic initiatives from the end of 2024.
Kraken’s vice president of strategy and corporate development, Robert Moore, will become a director of KrakAcquisition upon completion of the offering.
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“While we can conduct an initial business combination in any industry, industry or sector, we intend to focus our efforts on companies in the digital asset ecosystem,” KrakAcquisition’s SEC filing reads.
The company’s mission is to accelerate the next phase of development for teams building the bridge between decentralized finance and customary finance, KrakAcquisition said.
Cointelegraph reached out to KrakAcquisition and Kraken for comment regarding the proposed IPO but had not received a response at the time of publication.
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