Blank Check Firm Linked to Crypto Exchange Kraken Raises $345 Million in Upsized IPO
KRAKacquisition Corp, a SPAC associated with Kraken, raised $345 million in an upsized Nasdaq IPO, selling 34.5 million shares at $10 each, with an extra 4.5 million in overallotment; the offering exceeded the original plan of 25 million shares. KRAKU has no current merger targets but plans to concentrate on companies within the digital asset ecosystem, particularly those building bridges between DeFi and traditional finance. Focus areas include infrastructure, payment networks, tokenization, and compliance. The SPAC is sponsored by NCTK Sponsor LLC, a partnership between Kraken, Tribe Capital, and Natural Capital, and aims to leverage Kraken’s industry experience and resources. Kraken’s involvement, while not contractually bound, is anticipated to provide strategic advantages. KRAQU shares have remained around the IPO price. There is no comment on how this initiative may affect Kraken’s own plans to go public.
