KRAKacquisition Corp., a blank-check company sponsored by crypto exchange Kraken, officially closed its initial public offering today with $345 million in gross proceeds, significantly overshooting its original $250 million target. The units are now trading on the Nasdaq Global Market under the ticker KRAQU.
The Receipt
According to the official announcement, the offering was upsized due to demand, with the underwriter fully exercising its over-allotment option. The final tally: 34.5 million units sold at $10.00 each. Sponsors include Payward, Inc. (Kraken’s parent company), Tribe Capital, and Natural Capital.
Market Reaction
KRAQU is currently trading at $10.12 (+1.2%), holding a slight premium over its listing price. Each unit splits into one Class A ordinary share (to trade as KRAQ) and one-fourth of a warrant (KRAQW), exercisable at $11.50.
“The Company is sponsored by an affiliate of Natural Capital, Tribe Capital, and Payward, Inc. (‘Kraken’).”
Institutional Context
This listing breaks a dry spell for crypto-native public offerings. While KRAKacquisition has not named a specific target, the involvement of Tribe Capital, a venture firm deeply embedded in DeFi and fintech, signals a hunt for digital asset infrastructure. The $345 million war chest positions the SPAC to merge with a “unicorn-status” crypto firm looking to bypass the traditional IPO route amidst a thawing regulatory environment.
