Kraken-Backed SPAC Seeks $250M, Frames Bitcoin As Inflation Hedge

A Kraken-linked SPAC has filed to raise $250 million in a U.S. public offering, according to a registration statement submitted to the SEC. Key details - Vehicle: KRAKacquisition Corp., a Cayman Islands-based special purpose acquisition company (SPAC) sponsored by an affiliate of crypto exchange Kraken, along with venture firms Tribe Capital and Natural Capital. - Size and structure: The SPAC proposes to sell 25 million units at $10 each, for proceeds of $250 million. Each unit consists of one Class A share and a fraction of a warrant to buy additional stock. - Listings and tickers: The SPAC intends to list on Nasdaq under the unit ticker KRAQU. After separation, the Class A shares and warrants would trade as KRAQ and KRAQW, respectively. - Underwriting: Santander is listed as the sole book-running manager for the offering. Strategy and positioning - KRAKacquisition says it has not selected a target and could pursue a merger with a company in “any business or industry.” Its filing frames the investment thesis around inflation and the diminishing purchasing power of the U.S. dollar, arguing that hard assets — and Bitcoin as an emerging decentralized store of value — play a hedge role. - The filing also leans on Kraken’s industry ties, regulatory experience, and risk-management track record as part of the SPAC’s value proposition. Why this matters now - Kraken itself has been active: in November the exchange disclosed an $800 million raise that valued the company at $20 billion, backed by Tribe Capital as well as trading firms Jane Street and DRW Venture Capital. Kraken also quietly filed a confidential registration statement with the SEC in November and relocated its headquarters from California to Wyoming last year. - The SPAC filing comes amid a broader wave of crypto-related public listings, buoyed by regulatory tailwinds after President Donald Trump’s 2024 re-election. Recent Nasdaq-bound offerings have included stablecoin issuer Circle, exchange Gemini, and fintech Figure Technologies. - Related moves in the custody and infrastructure space: BitGo filed on Monday for a $200 million public offering and says it manages roughly $104 billion in assets; the company also recently received conditional approval for a national trust banking charter. Bottom line KRAKacquisition’s filing signals another route for crypto-linked capital to hit public markets, leveraging Kraken’s industry relationships and a macro argument favoring hard assets and Bitcoin. With Santander as sole manager and high-profile backers behind Kraken, the SPAC will be one to watch as it seeks a merger target. Read more AI-generated news on: undefined/news