- KRAK Acquisition Corp., a Kraken-linked SPAC, raised $345 million in a public offering.
- The company has a two-year window to identify an acquisition target.
- Potential crypto acquisition targets could be valued between $2 billion and $10 billion.
- Target sectors include stablecoins, DeFi, and payments.
- The SPAC was formed in January and sponsored by a Kraken affiliate.
- Director Ravi Tanuku stated the valuation range during remarks to Decrypt.
- Kraken previously confidentially filed an SEC registration statement last November.
- Kraken also completed an $800 million fundraise valuing the exchange at $20 billion.
Kraken-Linked SPAC Targets Major Crypto Firms
KRAK Acquisition Corp., a special purpose acquisition company linked to a Kraken affiliate, is surveying crypto-native firms for potential acquisitions. The SPAC is evaluating companies that could attract interest from Wall Street.
The acquisition targets being considered could carry valuations ranging from $2 billion to $10 billion. According to statements by Director Ravi Tanuku to Decrypt, several sectors within the crypto industry are currently under consideration.
$345M Raised in Public Offering
The SPAC was formed in January and later raised $345 million through a public offering. Following the offering, KRAK Acquisition Corp. now has a two-year window to identify and finalize an acquisition target. The company is surveying crypto-native firms that could potentially enter public markets through the SPAC structure.
Stablecoins, DeFi, and Payments Under Review
The sectors currently under review include several segments of the digital asset industry:
- Stablecoins
- Decentralized Finance (DeFi)
- Crypto payments
These areas are being evaluated as potential categories for the SPAC’s acquisition strategy.
Kraken’s Separate IPO Consideration: The development comes as Kraken itself weighs a potential public listing. The exchange confidentially filed a registration statement with the U.S. Securities and Exchange Commission (SEC) last November. This filing followed an $800 million fundraise that valued Kraken at $20 billion. Kraken Financial recently became the first digital asset bank to receive a Federal Reserve master account. The approval allows the institution to access the U.S. Federal Reserve payment system directly
