Kraken-Backed SPAC Files for $250M IPO, Targets Crypto Infrastructure

In Brief

• KrakAcquisition files for $250M IPO targeting crypto infrastructure.
• SPAC plans to list on Nasdaq under the ticker symbol “KRAQU.”
• Kraken’s involvement provides key expertise for the SPAC’s growth.

KrakAcquisition Corp, a new special purpose acquisition company (SPAC) backed by Kraken, Tribe Capital, and Natural Capital, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). The SPAC plans to raise $250 million through an initial public offering (IPO), offering 25 million units at $10 each. 

These units will consist of one Class A ordinary share and one-fourth of a redeemable warrant. The company seeks to list on the Nasdaq Global Market under the ticker symbol “KRAQU.”

The SPAC has not yet selected a specific target for its business combination but intends to focus on crypto infrastructure businesses. These businesses may include companies developing essential infrastructure for the cryptocurrency ecosystem, such as payment networks and tokenization platforms. 

Kraken’s involvement is considered a strategic advantage, offering significant industry expertise and access to its ecosystem. However, Kraken will not be contractually obligated to execute any merger or acquisition, and its role is voluntary.

Kraken’s Role and SPAC’s Strategic Vision for Crypto Market Expansion

Kraken’s involvement in the SPAC adds valuable insight and operating experience, particularly for businesses in the digital asset space. The leadership team includes Kraken personnel, including Sahil Gupta, the CFO of KrakAcquisition and Kraken’s strategic initiatives leader. 

The SPAC’s mission is to help advance the next phase of growth for businesses, bridging decentralized finance (DeFi) with traditional finance. Although the specific target remains unselected, KrakAcquisition’s IPO may serve as a crucial vehicle for Kraken’s broader ecosystem expansion.

This filing coincides with Kraken’s plans to go public. The exchange filed a separate confidential Form S-1 for its IPO in November 2025. If successful, KrakAcquisition’s IPO will set a precedent for digital asset companies looking to access traditional capital markets. 

In light of the broader crypto market dynamics, Ethereum (ETH), another asset prominently traded on Kraken, continues to show mixed performance. Currently priced at $3,131.27, Ethereum has decreased by 0.14% over the past hour. Despite this, it saw a slight increase of 0.96% in the last 24 hours. 

However, over the last 7 days, Ethereum has experienced a 3.01% drop, reflecting some volatility within the market.