Major US cryptocurrency exchange Kraken is backing a new special purpose acquisition company (SPAC) that plans to go public under a Kraken-affiliated sponsorship.
The blank-check firm, KrakAcquisition, backed by Kraken, Tribe Capital, and Natural Capital, filed with the US Securities and Exchange Commission on Monday to raise up to $250 million through an initial public offering.
According to the filing, KrakAcquisition was incorporated in July 2025 as a Cayman Islands–exempted company and intends to offer 25 million units priced at $10 each. The company plans to list the units on the Nasdaq Global Market under the ticker symbol KRAQU.
The SPAC is focused on acquiring businesses in the crypto infrastructure space. Separately, Kraken has reportedly filed a confidential Form S-1 in November, signaling potential plans to list its own common stock in a future IPO.
Kraken’s role in the SPAC
In its filing, KrakAcquisition said it has not yet identified a specific acquisition target and has not engaged in substantive discussions regarding a potential business combination.
The company highlighted several benefits of Kraken’s involvement as a sponsor partner, including deep access to the crypto ecosystem, enhanced due diligence capabilities, operational experience, and regulatory expertise.
However, KrakAcquisition noted that Kraken “will not be contractually obligated” to complete any business combination. “We expect that Kraken’s participation as a partner in our sponsor will incentivize it to assist us, without additional compensation,” the filing said.
Still, Kraken has several key personnel embedded in the SPAC’s management and governance structure.
Sahil Gupta, KrakAcquisition’s chief financial officer, has led Kraken’s strategic initiatives since late 2024. In addition, Robert Moore, Kraken’s vice president of strategy and corporate development, is set to join KrakAcquisition’s board as a director following the completion of the offering.
Although the SPAC is not limited to a single sector, it said in its SEC filing that it plans to focus primarily on opportunities within the digital asset ecosystem. “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,” the filing states.
KrakAcquisition said its mission is to accelerate the next phase of growth for teams building the bridge between decentralized finance and traditional finance.
Cointelegraph reached out to both KrakAcquisition and Kraken for comment on the proposed IPO but had not received a response at the time of publication.
