Crypto Company Abra To List on Nasdaq After Merger With New Providence

TLDR

• Crypto wealth management platform Abra is going public via a SPAC merger with New Providence Acquisition Corp. III (NPACU)
• The deal values Abra at a $750 million pre-money equity value
• The combined company will list on Nasdaq under the ticker ABRX
• Up to $300 million in cash from the trust could be available, subject to redemptions
• Abra has a history of regulatory run-ins, settling with the SEC and 25 state regulators in 2024

Abra, a digital asset wealth management platform, announced Monday it will go public through a business combination with New Providence Acquisition Corp. III, a special purpose acquisition company.

The deal values Abra at $750 million on a pre-money basis. The combined company will be renamed Abra Financial Holdings, Inc. and list on Nasdaq under the ticker ABRX.

Existing Abra investors — including Pantera Capital, Blockchain Capital, Adams Street, RRE Ventures, and SBI — will roll 100% of their interests into the combined company. That’s a notable show of conviction from the existing investor base.

New Providence currently trades on Nasdaq under NPACU. The transaction is subject to shareholder approval from both companies and standard closing conditions.

Up to $300 million in cash held in trust could flow to Abra from the deal, though that figure is subject to reductions depending on how many New Providence shareholders choose to redeem their stakes before closing.

The platform currently serves registered investment advisors, high-net-worth individuals, family offices, and institutional clients. It offers custody, trading, lending, and yield strategies across assets including BTC, ETH, SOL, and stablecoins.

Regulatory History

Abra’s path to a public listing comes with some regulatory baggage worth flagging.

In 2024, the company settled with the U.S. Securities and Exchange Commission over allegations that its lending product, Abra Earn, should have been registered as a security. The product has since been shut down.

That same year, Abra also settled with 25 state financial regulators after those states found it had been operating without the required licenses in their jurisdictions.

The company is positioning itself as one of the only U.S. platforms offering a full suite of digital asset services — custody, trading, yield, and lending — under a registered investment advisor framework.

Abra management has set a target of over $10 billion in assets under management by the end of 2027, up from hundreds of millions currently.

DeFi Push

Abra recently launched access to USDAF, a yield-bearing, Solana-native synthetic dollar, as part of a push into decentralized finance through a sub-brand called AbraFi.

The company also plans to support tokenized real-world assets, including tokenized equities and real estate, on its platform.

Additional details on the transaction, including the business combination agreement and investor presentation, will be filed by New Providence with the SEC via Form 8-K.

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