Crypto Firm Abra to Go Public on Nasdaq in $750 Million SPAC Deal
Abra Financial Holdings, a San Francisco-based digital asset wealth management platform, will go public via a merger with New Providence Acquisition Corp. III, a SPAC trading on Nasdaq (NPACU). The combined entity will list under ticker ABRX and values Abra at $750 million pre-money. Existing investors, including Adams Street and Pantera Capital, will roll 100% of their stakes into the new company. New Providence brings up to $300 million in trust cash as growth capital. Abra claims it will be the first publicly traded firm with an SEC-registered investment advisor specifically focused on digital asset wealth management, offering custody, trading, yield strategies, and collateralized lending. Abra targets more than $10 billion in assets under management by the end of 2027. The company aims to offer institutional-grade, regulated crypto wealth management products worldwide. Abra has faced regulatory actions, including SEC and CFTC charges, fines, and settlements for unregistered offerings, operating without a license, and alleged securities fraud. Abra has repaid customers and asserts no consumer harm resulted from regulatory issues. NPACU shares rose 0.91% to $10.51 after the announcement.
