Kraken-Backed SPAC Files for $250 Million IPO

KRAKacquisition Corp, a newly formed special purpose acquisition company sponsored by an affiliate of Kraken, has filed a registration statement with U.S. regulators for a proposed initial public offering.

The company submitted a Form S-1 registration statement outlining plans to raise up to $250 million through the sale of 25 million units, each priced at $10.00.

IPO structure

Each unit in the offering is expected to consist of one Class A ordinary share and one-fourth of a redeemable warrant. The company plans to apply for listing on the Nasdaq Global Market under the ticker symbol KRAQU.

Santander is acting as the sole book-running manager for the proposed offering.

Blank-check strategy

KRAKacquisition Corp was incorporated as a Cayman Islands exempted company and was formed for the purpose of completing a merger, share exchange, asset acquisition or similar business combination with one or more operating companies.

The company stated that it has not identified any specific acquisition target and has not engaged in substantive discussions with potential targets.

Kraken connection

The SPAC is sponsored by an affiliate of Kraken, one of the largest global cryptocurrency trading platforms. While no sector focus has been formally disclosed, the sponsorship links the vehicle to the broader digital asset and fintech ecosystem.

SPAC activity tied to crypto-related sponsors has fluctuated significantly in recent years, reflecting shifts in market sentiment, regulation and risk appetite.

The registration statement has been filed but has not yet become effective. The offering cannot be completed until regulatory approval is granted. There is no assurance that the IPO will be completed on the proposed terms or that KRAKacquisition Corp will ultimately consummate a business combination.