Crypto News: Kraken-Backed KRAKacquisition SPAC Looks for $10B Acquisition

Key Insights:

• Kraken-linked KRAKacquisition Corp. is exploring a potential crypto acquisition worth up to $10 billion.
• The SPAC is targeting companies in stablecoins, DeFi, tokenization, and digital payments.
• The firm raised $345M in its Nasdaq IPO, backed by crypto exchange Kraken.

In today’s crypto news, Kraken’s SPAC partner KRAKacquisition Corp. has announced its potential acquisition target. The SPAC is currently searching for targets that could be worth a massive $10 billion. The focus of acquisition reportedly includes stablecoins, DeFi, and tokenization.

Kraken’s SPAC Partners Explores Major Crypto Deals

According to the latest crypto news, Kraken-backed SPAC known as KRAKacquisition Corp. is currently exploring a $10 billion acquisition deal. The company’s director, Ravi Tanuku, added that the $10 billion figure is only an estimate. This indicates that the firm may ultimately pursue a company valued closer to $2 billion.

Although the company hasn’t yet decided which platform it will acquire, reports say the targets include stablecoins, DeFi, and tokenization. “We’re looking at things that are related to crypto, but also things related to stablecoins, DeFi, and all kinds of areas in payments,” stated Tanuku.

According to director Ravi Tanuku, the company’s current focus has been driven by Wall Street’s growing interest in stablecoin and tokenization businesses. He stated,

“The market is clearly paying up for those and starting to realize there’s big changes afoot. In our mind, that’s a good signal to be aware of.”

Kraken-backed SPAC is also expected to focus on companies that may benefit from easier access to the public markets. Through a potential merger, the firm aims to support small- and mid-sized crypto-related companies that may otherwise face challenges going public.

Backed by crypto exchange Kraken, the SPAC could help these businesses gain visibility, funding, and long-term growth opportunities within the evolving digital asset industry.

KRAKacquisition Corp. Debuts on Nasdaq After $345M IPO

In connection with the latest crypto news, the KRAKacquisition Corp SPAC officially started trading on the Nasdaq Global Market after completing its initial public offering in January 2026. The SPAC raised about $345 million, exceeding its earlier target of $250 million.

The company reportedly sold 34.5 million units at $10 per unit, including additional units after the underwriters fully exercised their option. This brought the total funds raised to $345 million before fees and other expenses.

KRAKacquisition’s units began trading on January 28 under the ticker symbol KRAQU. Each unit includes one Class A share and a quarter of a warrant, with a full warrant allowing investors to purchase shares at $11.50.

Earlier, on January 13, the company had revealed in a filing with the U.S. Securities and Exchange Commission that it planned to raise around $250 million.

An SPAC is a Special Purpose Acquisition Company. This SPAC is backed by crypto exchange Kraken. It aims to raise funds through an IPO before merging with or acquiring another company. At launch, SPACs usually do not have active business operations.

Kraken Eyes IPO as Stablecoin Interest Grows

The SPAC’s acquisition search comes as Kraken is also considering going public this year. In November, Kraken revealed that it had filed a registration statement with the US SEC for an IPO. This came shortly after the exchange announced an $800 million fundraising round that valued the company at around $20 billion.

In this backdrop, Tanuku stated that the SPAC could serve as a strategic investment tool for Kraken. Through the SPAC, the exchange may align with another company by taking a significant stake.