KRAKacquisition’s Ambitious Search for a Crypto Firm Valued Up to $10 Billion
- KRAKacquisition Corp., linked to crypto exchange Kraken, aims to acquire a company valued up to $10 billion.
- The SPAC completed a $345 million public offering in January, starting a two-year target search.
- Potential targets include firms associated with stablecoins and DeFi.
- Kraken is also considering its own public offering, having filed confidentially with the SEC.
- In November, Kraken raised $800 million, valuing it at $20 billion.
KRAKacquisition Corp., sponsored by an affiliate of Kraken, is on the lookout for a small- or mid-cap company that aligns with the crypto exchange’s strategic interests in stablecoins and DeFi sectors. This move coincides with Kraken’s own plans for going public, as indicated by their recent SEC filing and significant fundraising efforts.
The SPAC’s target valuation range of $2 billion to $10 billion underscores its broad interest in facilitating public market access for smaller companies within the crypto ecosystem. (Source)
