Kraken's affiliated SPAC, KRAKacquisition, plans to list on Nasdaq with a $250 million offering.

PANews reported on January 13th that, according to The Block, newly formed special purpose acquisition company KRAKacquisition Corp. filed an S-1 registration statement with the U.S. Securities and Exchange Commission on Monday, proposing an initial public offering (IPO). According to its official announcement, the proposed IPO comprises 25 million units. Each unit is expected to be priced at $10 and includes one Class A common stock and one-quarter redeemable warrants. The company plans to list its units on the Nasdaq Global Market under the ticker symbol "KRAQU".

KRAKacquisition was established as a blank-check company with the aim of merging or integrating with one or more operating entities, and Kraken's affiliates are the sponsors of the company. However, the company "has not yet identified any specific integration targets, and neither it nor any of its representatives have had any substantive discussions, directly or indirectly, with any integration targets." While KRAKacquisition has not yet identified specific targets, given the exchange's goal of becoming a comprehensive multi-asset financial platform, its IPO may serve as a strategic tool for Kraken to expand its broader ecosystem.