Share this article
Kraken-backed SPAC files for $250 million initial public offering
The SPAC will focus on cryptocurrency ecosystem businesses, expanding Kraken's presence in public markets.
Jan 13, 2026, 11:14 a.m.
Make us preferred on Google
What to know:
- KRAKacquisition Corp., a SPAC backed by crypto exchange Kraken, filed for a $250 million IPO, planning to trade on Nasdaq under "KRAQU".
- The special purpose acquisition company will focus on cryptocurrency ecosystem businesses, expanding Kraken's presence in public markets.
- In November, Kraken said it filed for its own IPO.
KRAKacquisition Corp, a new special purpose acquisition company (SPAC) sponsored by an affiliate of crypto exchange Kraken, filed to go public with a $250 million IPO.
The blank-check company, registered in the Cayman Islands, said it plans to offer 25 million units at $10 each. Each unit will include one Class A ordinary share and a fraction of a warrant to buy more.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
If approved, KRAKacquisition will trade under the ticker “KRAQU” on the Nasdaq Global Market. Spanish banking giant Santander is listed as the sole book-running manager.
While the company hasn’t chosen a target, the SPAC is expected to focus on businesses in the cryptocurrency industry. The offering gives Kraken a new route to bring such companies into public markets, while potentially bolstering its own stack of crypto infrastructure services.
KRAKaquision's name hints at a link between the SPAC and Kraken’s own payments solution, Krak.
Kraken has itself been moving toward an IPO after it raising $500 million in a funding round that valued it at $15 billion back in September. In December, it acquired tokenization specialist Backed Finance.
The filing follows the footsteps of a cryptocurrency IPO wave last year that saw various crypto-linked firms go public. These include CoinDesk’s parent company Bullish, whose shares have risen 8% since the IPO, stablecoin issuer Circle Internet, up 167% and crypto exchange Gemini Space Station, which has dropped 10% since it first started trading.
Crypto custody provider BitGo is also looking to IPO this year.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
What to know:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
Top Stories
