Kraken-linked SPAC files for $250m Nasdaq IPO

A special purpose acquisition company affiliated with cryptocurrency exchange Kraken filed for an initial public offering on Jan. 12, according to a registration statement submitted to U.S. regulators.

Summary

• A Kraken-affiliated special purpose acquisition company has filed to raise $250 million in a Nasdaq IPO, targeting businesses across the cryptocurrency and digital asset ecosystem.
• KRAK acquisition Corp. plans to offer 25 million units, each comprising a Class A share and a fraction of a warrant, with Kraken, Tribe Capital, and Natural Capital sponsoring the vehicle.
• The SPAC filing is separate from Kraken’s own plans for a direct public listing, which remain under SEC review.

KRAKacquisition Corp. plans to offer 25 million units on the Nasdaq Global Market, the filing stated. Each unit will consist of one Class A ordinary share and one-quarter of one redeemable warrant, consistent with standard SPAC structures.

The blank-check company will target businesses in the cryptocurrency and digital asset ecosystem, according to the filing. Areas of focus include payment and settlement networks, tokenization platforms, blockchain infrastructure and related financial services.

The SPAC is sponsored by a Kraken affiliate, Tribe Capital and Natural Capital, the filing showed. Sahil Gupta, Kraken’s head of Strategic Initiatives, will serve as chief financial officer of the vehicle.

The SPAC filing is separate from Kraken’s direct public listing plans. The cryptocurrency exchange submitted a confidential draft S-1 registration statement to the Securities and Exchange Commission in November 2025 for a direct listing of its common stock, according to previous disclosures.

The registration statement has not been declared effective by the SEC, meaning the securities cannot be sold until the review process is complete. Santander is serving as sole book-running manager for the offering, the filing stated.

Investors in the SPAC will have redemption rights if they do not approve of any eventual merger transaction, according to standard SPAC terms outlined in the filing.