Crypto wealth platform Abra plans to go public through a merger with New Providence Acquisition Corp. III (NASDAQ: NPAC), valuing the combined firm at about USD$750 million.
On Monday, the companies said the new entity will be called Abra Financial Inc. and list on Nasdaq under the ticker ABRX.
The deal could provide up to USD$300 million in cash from the SPAC’s trust account. However, that figure depends on shareholder redemptions and transaction costs. Consequently, the final proceeds may vary meaningfully at closing.
Abra, founded in 2014 and based in San Francisco, offers crypto services to institutions and wealthy clients. Its platform lets users store digital assets, trade tokens and borrow against holdings. Additionally, clients can earn yield through managed products.
The firm keeps customer assets in segregated vault accounts rather than on its balance sheet. Meanwhile, it operates an SEC-registered investment adviser to align with traditional finance rules. The company positions itself as a bridge between conventional wealth management and crypto markets.
Abra said it will use the proceeds to expand products and hire staff. Furthermore, it plans to grow in tokenized real-world assets and decentralized finance. Management said assets under management already total in the hundreds of millions. It aims to exceed USD$10 billion by 2027.
CEO Bill Barhydt launched Abra as a mobile wallet and remittance app for retail users. Subsequently, the company expanded into lending and yield products during the last crypto bull market. It raised USD$55 million in 2021 from investors including Blockchain Capital and Pantera Capital.
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A new wave of crypto listings is arriving
Regulators challenged parts of Abra’s lending business. In 2023 and 2024, the firm settled with U.S. state regulators and the Securities and Exchange Commission over unregistered offerings. Consequently, Abra shut its U.S. retail operations and returned customer funds.
The company then rebuilt around institutional and high-net-worth clients through Abra Capital Management. Meanwhile, the proposed merger still requires shareholder and regulatory approval before it can close.
Meanwhile, a new wave of crypto listings is beginning to take shape across public markets. Infrastructure firms have led early activity, with custody provider BitGo completing a listing at roughly USD$2.1 billion. Additionally, several firms including Blockchain.com are exploring public market routes through IPOs or SPAC mergers.
Exchanges such as Kraken and Gemini have also signalled potential listings. However, those businesses remain closely tied to volatile crypto trading cycles. Consequently, investors have shown stronger interest in firms that generate steadier, compliance-driven revenue.
Companies focused on custody, analytics and blockchain infrastructure, including Ledger, Consensys and Chainalysis, are widely viewed as stronger candidates for near-term listings. Furthermore, these firms serve institutional clients and align more closely with evolving regulatory frameworks.
