Kraken-backed KRAKacquisition Corp completes a $345 million IPO

KRAKacquisition Corp, a special purpose acquisition company (SPAC) backed by cryptocurrency exchange Kraken, announced on January 30, 2026, that it had closed the upsized offering of 34.5 million units at $10 per unit after it completed a $345 million initial public offering.

The company’s units began trading on the Nasdaq Global Market under the ticker symbol “KRAQU” on January 28.

KRAKacquisition initially filed with regulators on January 12, seeking to raise $250 million through 25 million units, but increased the size to $300 million at pricing before reaching its final $345 million total with the over-allotment exercise.

KRAKacquisition sponsors target digital asset infrastructure

The SPAC is sponsored by an affiliate of Natural Capital, Tribe Capital, and Payward Inc., Kraken’s parent company.

According to regulatory filings, the vehicle will focus on businesses operating in digital asset infrastructure, including payment networks, tokenization platforms, blockchain infrastructure, and compliance solutions.

Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant. According to the KRAKacquisition team, the warrants, which entitle holders to purchase additional Class A ordinary shares at $11.50 per share, are expected to be listed on the Nasdaq Global Market under the ticker symbols “KRAQ” and “KRAQW,” respectively.

Crypto IPOs continue to gain traction

The successful closing of this IPO comes at a time when more crypto-related companies are beginning to take the IPO route. Kraken itself confidentially filed for its own IPO in November 2025, about the same time it announced that it had raised $800 million at a $20 billion valuation.

Analysts say that 2025 was the year of IPO revival, as it saw crypto firms like Bullish, Gemini, Circle, eToro, and Figure make their debut.

With the momentum that has marked the beginning of 2026, it will not be surprising to hear more IPO announcements in the coming months, with some utilizing a SPAC like Kraken. The rising appeal for IPOs among crypto companies is also not unrelated to the pro-crypto stance of the United States government.

The registration statement for KRAKacquisition’s offering became effective on January 27, 2026.

The company stated that no assurance can be given that it will ultimately complete a business combination.

The move adds a new page to the book of traditional financial institutions engaging with digital asset infrastructure.

Also, SPACs have become a popular vehicle for bringing emerging technology companies public, offering an alternative to conventional IPO processes with faster execution timelines.

The gross proceeds of $345 million, before deducting underwriting discounts, commissions, and other offering expenses, will be held until KRAKacquisition identifies and consummates a business combination. The company must complete such a transaction within a specified timeframe, usually 18 to 24 months, or return the capital to shareholders.

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