Kraken-Linked SPAC Could Target Crypto Firm Valued at Up to $10 Billion
KRAKacquisition Corp., a SPAC sponsored by a Kraken affiliate, is seeking an acquisition target potentially valued between $2 billion and $10 billion. The firm completed a $345 million public offering in January 2024 and has two years to identify a company, with a focus on businesses in crypto, stablecoins, tokenization, DeFi, and payments. Director Ravi Tanuku cites heightened Wall Street interest in these sectors, viewing current market dynamics as favorable for such investments. KRAKacquisition aims to help small- and mid-cap companies access public markets, which has become increasingly challenging. The initiative is also seen as a strategic tool for Kraken to form economic ties with other firms, leveraging its brand. Meanwhile, Kraken itself is considering going public, having confidentially filed with the SEC and previously raising $800 million at a $20 billion valuation. KRAKacquisition’s filings argue inflation and a weakening U.S. dollar strengthen the case for assets like Bitcoin.
