Kraken is deepening its push into public markets as an affiliated SPAC, KRAKacquisition Corp, files for a $250 million IPO on Nasdaq.
Key Takeaways
- KRAKacquisition Corp, affiliated with crypto exchange Kraken, filed for a $250 million SPAC IPO on Nasdaq under the ticker KRAQU.
- The blank-check company aims to merge with or acquire crypto-focused businesses but has not identified any targets yet.
- Kraken’s broader market push includes its own draft S-1 filing for a direct listing with a $20 billion valuation.
- The SPAC structure offers Kraken strategic flexibility as regulatory clarity around crypto markets improves.
What Happened?
KRAKacquisition Corp, a special purpose acquisition company backed by Kraken, has officially filed an S-1 registration with the U.S. Securities and Exchange Commission. The IPO aims to raise $250 million through the Nasdaq Global Market by offering 25 million units at $10 each. Each unit includes one Class A ordinary share and one-fourth of one redeemable warrant.
The SPAC is yet to identify any merger targets, but its creation aligns closely with Kraken’s broader ambitions to enter public markets. Kraken is simultaneously working on a direct listing following a draft S-1 submission and has recently completed four acquisitions, including NinjaTrader and Backed Finance.
Is Kraken gearing up for more M&A before its IPO?👀
— Danny Kunwoong Park (@ParkKunwoong) January 13, 2026
KRAKacquisition, a SPAC sponsored by a @krakenfx affiliate, filed an S-1 on Monday for a $250M IPO, eyeing to list on Nasdaq Global Market under “KRAQU”
The company holds a purpose of effecting a merger with one or more… pic.twitter.com/5qr0MFhVRi
Kraken’s Dual Strategy: SPAC and Direct Listing
KRAKacquisition is Kraken’s attempt to strengthen its foothold in traditional finance through a dual market entry strategy. While the SPAC provides an agile route to invest in or merge with innovative crypto ventures, Kraken is also preparing for its own direct listing, reportedly at a $20 billion valuation.
- KRAKacquisition Corp is incorporated in the Cayman Islands, a common choice for SPACs due to regulatory flexibility.
- The IPO will be managed by Santander as the sole book-running manager, replacing earlier indications that named Cantor Fitzgerald.
This dual-track approach offers Kraken flexibility to capitalize on market opportunities while navigating the slow-moving regulatory processes that affect crypto firms looking to go public.
Financial Structure and Investor Protections
The SPAC’s financial model follows standard SPAC practices, offering built-in protections for investors. The $250 million raised will be held in a trust account earning interest until a suitable acquisition is found. If no deal is completed within 18 to 24 months, investors can redeem their shares, reducing risk.
Key details of the offering include:
- Units offered: 25 million at $10 each
- Composition: Each unit includes one Class A ordinary share and one-fourth of a redeemable warrant
- Warrant exercise price: $11.50 per share
- Ticker symbol: KRAQU
The inclusion of warrants and capital held in trust provides a safety net for investors while giving the company flexibility to explore various acquisition targets.
Regulatory Context: New Terrain for Crypto SPACs
SPACs targeting crypto businesses must comply with increasingly rigorous SEC requirements, especially related to digital asset disclosures. KRAKacquisition’s registration statement includes risk factors tied to market volatility, regulatory shifts, and uncertainty around crypto-based mergers.
Legal and market analysts view this as a test case for how SPACs can responsibly pursue crypto ventures under a clearer but still evolving regulatory framework. The SEC has tightened disclosure standards, which KRAKacquisition appears to have embraced in its transparent S-1 filing.
Industry Trends and Competitive Landscape
This SPAC IPO marks one of the most prominent crypto-related public offering attempts since the peak of 2021. With the sector now recovering from a consolidation phase in 2023 and 2024, investor interest is rising again.
Comparison with other crypto listings:
- Coinbase: Direct listing in 2021, $100 billion valuation
- Bakkt: SPAC merger in 2021, $2.1 billion valuation
- Circle: SPAC agreement in 2021, $4.5 billion valuation
- KRAKacquisition: SPAC IPO in 2025, $250 million target
Kraken’s move is part of a broader institutionalization trend in crypto, with traditional financial tools like SPACs now playing a more visible role in crypto infrastructure development.
CoinLaw’s Takeaway
In my experience, when a top-tier crypto player like Kraken dives into both a SPAC and a direct listing, it’s a big sign that crypto is no longer the outsider in financial markets. They’re not just building in the crypto world anymore. They’re trying to reshape how Wall Street meets Web3. I found Kraken’s two-pronged approach bold and smart, especially with regulatory clarity improving. If this SPAC succeeds, it sets a model for others to follow and builds even more legitimacy for the crypto space in public markets.