Kraken-Linked SPAC KRAKacquisition Eyes Targets Valued Up to $10 Billion
According to the new report, KRAKacquisition has two years to complete a deal after raising $345 million, while Kraken separately filed confidentially with the SEC after being valued at about $20 billion.
KRAKacquisition Corp., a Kraken-linked SPAC, has begun searching for crypto acquisition targets with valuations of up to $10 billion after raising $345 million in its IPO. The vehicle has two years to complete a transaction. Earlier reporting said it was focusing on crypto-native companies in areas such as stablecoins, DeFi, and payments, with director Ravi Tanuku indicating a final target valuation could be closer to $2 billion despite the higher ceiling. Separately, Kraken confidentially filed with the U.S. Securities and Exchange Commission and was valued at about $20 billion following an $800 million funding round last year.
- SPAC: A special purpose acquisition company that raises capital in a public offering to later merge with or acquire a private company.
- DeFi: Short for decentralized finance, a blockchain-based financial system that provides services such as lending and trading without traditional intermediaries.
- Stablecoins: Cryptocurrencies designed to maintain a relatively stable value, often by being pegged to a fiat currency such as the U.S. dollar.