Kraken-Backed SPAC Completes $350M IPO

KRAKacquisition Corp – a special purpose acquisition company sponsored by crypto exchange Kraken – completed a $345M initial public offering (IPO) this morning, arming it with a blank check and mandate to buy crypto companies.

What's the Scoop?

• Acquisition Goals: KRAKacquisition Corp plans to target "businesses developing the core infrastructure of the digital asset economy." Although unconfirmed at this time, it is possible the SPAC could be utilized by Kraken itself in the future to go public while circumventing the traditional IPO process.
• Company Structure: The SPAC was sponsored by crypto exchange Kraken, venture capital firm (and Kraken investor) Tribe Capital, and SPAC advisory group Natural Capital. Its mandate to invest in the digital asset economy is expansive in nature, and should allow the SPAC to make in investments in or acquire virtually any crypto-related company.
• Now Trading: KRAKacquisition Corp is now trading on NASDAQ under the ticker KRAQU.