The SPAC associated with Kraken plans to go public on Nasdaq, aiming to raise $250 million

According to Theblock, the newly established special purpose acquisition company (SPAC) KRAKacquisition Corp submitted an S-1 registration statement to the U.S. SEC on Monday, planning to go public on the Nasdaq market under the ticker "KRAQU." The announcement stated that the proposed IPO will include 25 million shares, with an expected issue price of $10.

The report noted that the company was initiated by an affiliate of Kraken and overlaps with Kraken's IPO plans. Last November, Kraken also submitted a draft S-1 registration statement, with a valuation of $20 billion.

Analysts stated that KRAKacquisition's IPO has not yet determined a specific target, but given Kraken's previous acquisitions and its goal of a comprehensive multi-asset financial platform, KRAKacquisition's IPO could become a strategic tool for the expansion of the Kraken ecosystem.