Major US cryptocurrency exchange Kraken is backing a new special purpose acquisition company (SPAC) that plans to go public through a Kraken-affiliated sponsor.
KrakAcquisition, a new 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).
Incorporated in July 2025 as a Cayman Islands exempted company, KrakAcquisition plans to offer 25 million units at $10 each and expects to apply to list the units on the Nasdaq Global Market under the ticker symbol “KRAQU,” according to the SEC filing.
While the SPAC is targeting businesses in crypto infrastructure, Kraken reportedly filed a separate confidential Form S-1 in November seeking to list its common stock in a potential IPO as well.
Kraken personnel involved in the SPAC
In the filing, KrakAcquisition said the company has not selected a specific business combination target and has yet to engage in any substantive discussions regarding a potential deal.
The SPAC highlighted several advantages of Kraken’s participation as a sponsor partner, including deep ecosystem access, enhanced diligence, operating experience and regulatory expertise.
At the same time, KrakAcquisition noted that Kraken “will not be contractually obligated” to execute any business combination, adding: “We expect that Kraken’s participation as a partner in our sponsor will incentivize it to assist us, without additional compensation.”
Still, Kraken has key personnel involved in the SPAC’s management team.
Among them is Sahil Gupta, KrakAcquisition’s chief financial officer, who has also led Kraken’s strategic initiatives since late 2024.
Kraken’s vice president of strategy and corporate development, Robert Moore, will serve as a director of KrakAcquisition upon completion of the offering.
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“While we may pursue an initial business combination in any business or industry or sector, we intend to concentrate 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 growth for the teams building the bridge between decentralized finance and traditional finance, KrakAcquisition said.
Cointelegraph approached KrakAcquisition and Kraken for comment regarding the proposed IPO, but had not received a response at the time of publication.
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