Kraken-Linked SPAC KRAK Acquisition Files for $250M Nasdaq IPO

According to The Block, the special purpose acquisition company (SPAC) associated with cryptocurrency exchange Kraken, KRAK Acquisition Corp, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to conduct an initial public offering (IPO) on the Nasdaq Global Market. The company intends to issue 25 million units at a price of $10 per unit, with each unit consisting of one Class A ordinary share and a quarter of a redeemable warrant, aiming to raise a total of $250 million. The company's stock ticker will be "KRAQU." KRAK Acquisition was established as a blank-check company with the purpose of merging with or combining with one or more operating businesses. Although specific merger targets have not yet been identified, this IPO overlaps with Kraken's own plans for a direct listing. In November of last year, Kraken submitted a draft S-1 registration statement to the SEC with a valuation of $20 billion. In 2025, Kraken has acquired four companies, including the $1.5 billion acquisition of U.S. futures trading platform NinjaTrader and the official acquisition of tokenized asset issuer Backed Finance.