KRAKacquisition Corp, a newly formed special purpose acquisition company sponsored by an affiliate of crypto exchange Kraken, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering.
The Cayman Islands-incorporated blank check company plans to raise up to $250 million through the sale of 25 million units priced at $10 each, according to its filing and a press release dated Jan. 12. KRAKacquisition expects to list its units on the Nasdaq Global Market under the ticker symbol "KRAQU."
Each unit will consist of one Class A ordinary share and one-fourth of one redeemable warrant. The warrants will be exercisable at $11.50 per share. Santander will serve as the sole book-running manager for the offering, according to the filing.
No target selected as search begins
KRAKacquisition was formed to pursue a merger, asset acquisition, share exchange, or similar business combination. The company emphasized that it has not identified a target and has not engaged in discussions with any potential acquisition candidates.
The filing stated that the company "has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target."
Such disclosures reflect the early stage of the SPAC’s lifecycle and underscore the uncertainty inherent in blank check structures, particularly within the crypto sector.
Leadership and backers tied to crypto infrastructure
The SPAC is led by Ravi Tanaku, co-founder and general partner at Natural Capital, who will serve as chief executive officer and director. Sahil Gupta, Kraken’s leader of strategic initiatives, will join as chief financial officer.
IPO-focused research firm Renaissance Capital reported that KRAKacquisition is backed by Natural Capital and Tribe Capital. According to the report, the SPAC intends to focus on businesses that develop core infrastructure for the digital asset economy, including payment networks, tokenization platforms, blockchain infrastructure, and compliance solutions.
While the company disclosed that it may pursue a business combination in any sector, its stated emphasis aligns with Kraken’s broader expansion beyond crypto trading.
IPO timing overlaps with Kraken’s own plans
The filing comes as Kraken advances its own public market ambitions. In November, the crypto exchange confidentially submitted a draft S-1 registration statement to the SEC at a reported valuation of $20 billion.
Since then, Kraken has continued to expand through acquisitions. The company finalized a deal for tokenized asset issuer Backed Finance and completed four acquisitions in 2025, including U.S.-based futures trading platform NinjaTrader for $1.5 billion.
KRAKacquisition’s IPO could provide Kraken with a separate vehicle to support ecosystem growth while avoiding direct balance sheet exposure during early-stage expansion.
SPAC structure includes investor safeguards
KRAKacquisition’s proposed structure follows a conventional SPAC model. Proceeds from the IPO will be placed in a trust account, where funds will earn interest until the company completes a business combination.
If the SPAC fails to complete a deal within the designated 18- to 24-month timeframe, investors will have redemption rights. These mechanisms offer downside protection but do not eliminate market risk tied to deal execution and valuation.
The registration statement includes extensive risk disclosures related to regulatory uncertainty, crypto market volatility, and the challenges of identifying suitable acquisition targets.
Early challenges in a cautious market
Crypto-focused SPACs face a more restrained market than during the peak of blank check activity earlier in the decade. Heightened regulatory scrutiny and uneven public market performance have raised the bar for deal quality and disclosure.
The SEC has increased its focus on transparency for companies with significant digital asset exposure. KRAKacquisition’s filing reflects that shift through detailed disclosures on operational risks and evolving regulatory frameworks.
Renaissance Capital noted that while the SPAC intends to focus on digital asset companies, competition for high-quality targets remains intense. Many potential candidates continue to favor private funding routes due to public market volatility.
Outlook tied to execution and regulation
Although KRAKacquisition has not named a target, its leadership argues that the most attractive candidates will demonstrate clear use cases, organic growth potential, and management teams capable of operating within evolving policy environments.
The company’s forward-looking statements caution that no assurance exists regarding the completion or timing of the offering or any future business combination.
As crypto firms continue to test public market access, KRAKacquisition’s IPO filing highlights both the opportunity and the early-stage hurdles that remain for digital asset infrastructure plays.
Gunel Ismayilova
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