Kraken backs creation of SPAC seeking to raise $250 million for IPO

KrakAcquisition was incorporated in July 2025 in the Cayman Islands. The filing notes that the SPAC has not yet selected a merger target and is not engaged in active negotiations. However, the strategic direction is defined: infrastructure companies operating at the intersection of traditional finance and the digital economy.

KrakAcquisition highlights several advantages of Kraken’s participation in the sponsor group: industry expertise, stronger project due diligence, a mature operational base, and a clear understanding of the regulatory landscape. Kraken, however, is not required to participate in any deal and receives no separate compensation for supporting the SPAC.

Despite the lack of formal obligations, Kraken executives hold leadership roles within KrakAcquisition. The SPAC’s CFO, Sail Gupta, has overseen strategic initiatives at Kraken since late 2024. Kraken’s VP of strategy and corporate development, Robert Moore, is expected to join the board after the IPO.

Regulatory filings also confirm that Kraken is pursuing its own IPO and submitted a confidential S-1 in November. In this context, the SPAC becomes a parallel avenue for entering public markets.

KrakAcquisition’s mission is to accelerate the growth of companies building infrastructure between traditional and decentralized financial systems. While the SPAC may consider targets across different sectors, the core focus remains on digital assets.

The SPAC market is experiencing renewed momentum as crypto companies seek access to public capital without the more complex process of a traditional IPO. Kraken’s involvement as a key partner makes this one of the most notable attempts by a crypto firm to enter public markets through a SPAC structure.

Investors are watching closely, as Kraken’s simultaneous IPO preparations and the launch of an affiliated SPAC may mark a significant step in the exchange’s institutional evolution and its expanding role in global finance.