Group 1 - KRAKacquisition Corp., a SPAC backed by Kraken, has filed for a $250 million IPO, aiming to enhance its presence in public markets targeting digital asset businesses [1][5] - The SPAC plans to list on the Nasdaq under the ticker symbol "KRAQU" and will offer 25 million units priced at $10 each, with each unit consisting of one Class A ordinary share and a warrant for additional shares [1][2] - The focus of KRAKacquisition Corp. will be on companies within the cryptocurrency ecosystem, including trading, payments, and infrastructure services [2][3] Group 2 - The SPAC structure allows Kraken to bring crypto-focused companies to public markets without a traditional IPO, providing a strategic advantage amid growing competition among exchanges [3][6] - Kraken is also moving towards its own IPO, having submitted confidential paperwork and raised $800 million in a funding round that valued the firm at $20 billion [5] - The naming of KRAKacquisition suggests a connection to Kraken's internal payments product, indicating strong ties between the SPAC and its sponsor [6]
Kraken-Backed SPAC Files for Nasdaq IPO