Kraken-Backed SPAC Files $250M Nasdaq IPO; Santander Leads Bookrunning
KRAKacquisition Corp targets a $250M raise on Nasdaq with Santander as sole bookrunner, creating a strategic acquisition vessel alongside Kraken’s own IPO push.
Kraken’s institutional footprint just deepened. KRAKacquisition Corp, a blank-check firm backed by the exchange, filed with the SEC late Monday to raise $250 million. The move signals an aggressive expansion strategy for the U.S. exchange, which is simultaneously navigating its own path to the public markets.
The Deal Structure
The SPAC plans to offer 25 million units at $10 each, listing on the Nasdaq under the ticker KRAQU. Each unit includes one share of Class A common stock and a quarter-warrant exercisable at $11.50.
Unlike generic blank-check firms, the leadership team is strictly crypto-native:
- CEO: Ravi Tanuku, co-founder of Natural Capital.
- CFO: Sahil Gupta, Kraken’s current Head of Strategic Initiatives.
Spanish banking giant Santander serves as the sole book-running manager, a notable endorsement from a Tier 1 global bank for a crypto-focused vehicle.
Institutional Context
This filing is not an isolated event; it is a flank maneuver. In November, Kraken confidentially filed for its own IPO, raising $800 million at a $20 billion valuation. By sponsoring a SPAC, Kraken effectively creates a second acquisition vessel to consolidate infrastructure plays without diluting its core balance sheet.
The appetite for such listings is proven. Stablecoin issuer Circle has surged 167% since its public debut, validating market demand for regulated digital asset infrastructure. KRAKacquisition explicitly targets this layer, payment networks, compliance tools, and blockchain protocols, rather than consumer-facing apps.
“We intend to focus on companies building infrastructure, technology, and financial services for the digital asset ecosystem,” the filing stated.
Santander’s involvement further isolates the narrative that crypto remains toxic to traditional finance. The SPAC has 24 months to identify a target or return capital to shareholders.
