The crypto exchange Kraken is moving toward public markets through a USD$250 million special purpose acquisition company offering, according to a regulatory filing made Monday.
The Cayman Islands–based blank check firm disclosed the plan Monday in a registration statement filed with U.S. regulators. KRAKacquisition intends to sell 25 million units priced at USD$10 each, according to the filing.
Each unit would include one Class A common share and a fraction of a warrant. Those warrants would allow investors to buy additional shares later at a set price. Additionally, the company plans to list its units on the Nasdaq under the ticker symbol KRAQU. Subsequently, the Class A shares and warrants would trade separately as KRAQ and KRAQW.
The SPAC said it has not chosen a merger target. However, it stated that it may pursue a deal in any industry or sector. The sponsor behind KRAKacquisition was formed with Kraken and venture firms Tribe Capital and Natural Capital. Meanwhile, Spanish banking giant Santander will act as the sole book-running manager for the offering.
That role places Santander in charge of marketing and distributing the securities. In November, Kraken said it raised USD$800 million at a valuation of USD$20 billion. That funding round included backing from Tribe Capital, Jane Street, and DRW Venture Capital. Further, the filing points to a friendlier regulatory climate following President Donald Trump’s re-election in 2024.
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Bitcoin is an emerging digital store of value
On Monday, digital asset custodian BitGo filed for a USD$200 million public offering. BitGo said it safeguards about USD$104 billion in assets for institutional clients. Additionally, the company recently received conditional approval for a national trust banking charter. Kraken itself has moved closer to public markets in recent months.
In November, the exchange said it confidentially submitted a draft registration statement to the SEC. The company also relocated its headquarters to Wyoming from California last year. KRAKacquisition’s investment pitch links persistent inflation to declining U.S. dollar purchasing power.
Further, the filing describes Bitcoin as an emerging digital store of value and positions Kraken’s industry experience as a competitive advantage.
Several high-profile crypto companies tested public markets in 2025, helping reopen the IPO window for the sector. Consequently, several crypto-native companies completed public listings last year. Those included stablecoin issuer Circle Internet Group (NYSE: CRCL), crypto exchange Gemini, and fintech firm Figure Technologies.
Furthermore, trading platform eToro Group (NASDAQ: ETOR) went public after years of delays. Additionally, crypto-focused financial firm Galaxy Digital (NASDAQ: GLXY) finalized its U.S. market debut, providing a valuation benchmark for firms now preparing to follow.
