Kraken, one of the largest cryptocurrency exchanges in the US, is making a bold move by supporting a SPAC to go public. The SPAC, called KrakAcquisition, has reportedly filed with the US Securities and Exchange Commission (SEC) to raise $250 million.
The blank-check company is now backed by Kraken and Natural Capital. With the IPO, the company intends to identify and merge with a suitable business, while no specific target has been revealed.
This filing highlights Kraken’s growing influence in the crypto space. Beyond a crypto exchange, the company is also acting as a strategic partner for platforms like KrakAcquisition. This signals Kraken’s confidence in the SPAC structure as a viable route for crypto-focused growth.
Kraken-Backed SPAC to Go Public
According to the latest reports on Kraken, the exchange is backing a new SPAC that plans to raise up to $250 million through an initial public offering. SPAC is a Special Purpose Acquisition Company, a platform that is created to raise money through an IPO and buy another company. At the time of its launch, it doesn’t usually boast any business operations.
“We expect to focus on companies developing the core infrastructure of the digital asset economy—payment networks, tokenization platforms, blockchain infrastructure, compliance solutions, and other essential services,” noted the firm in the SEC filing, commenting on its vision. The team added,
“While we retain flexibility to pursue opportunities in any sector, we believe the most transformative opportunities lie in the convergence of DeFi and TradFi. We believe that our sponsor’s deep expertise in these sectors will provide us with multiple opportunities in these sectors.”
Kraken, along with Natural Capital, provides support for the SPAC, called KrakAcquisition. The platform is focusing on companies building tools and services for the crypto industry. As highlighted in the SEC filing, the company was launched in July 2025 and plans to sell 25 million units at $10 each. Under the ticker KRAQU, the firm intends to list on the Nasdaq Global Market.
The SPAC also stated that it hasn’t chosen a company to acquire yet. The platform has also not been in any serious talks regarding the potential acquisition.
What’s the Role of Kraken in the SPAC IPO?
The SEC filing also highlights the significant role of Kraken. As a sponsor partner and beyond that, Kraken brings strong industry connections, stated the SPAC. Adding that the exchange will not be “contractually obligated” for any business combination, the SPAC noted,
“We expect that Kraken’s participation as a partner in our sponsor will incentivize it to assist us, without additional compensation…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.”
However, Kraken’s several team members are involved in running the SPAC. For instance, Sahil Gupta, who serves as KrakAcquisition’s chief financial officer, has been leading Kraken’s strategic initiatives since late 2024. Also, Kraken’s vice president of strategy and corporate development, Robert Moore, is set to join the SPAC’s board as a director after the IPO.
While the SPAC is targeting the infrastructure business, Kraken itself is planning to go public. Kraken has reportedly filed a confidential Form S-1 in November, signaling that it is preparing for its own IPO.
