KRAKacquisition Corp, the special purpose acquisition company supported by Kraken, has effectively raised $345 million through an upsized initial public offering (IPO), establishing a new public entity to facilitate future mergers or acquisitions.

On Friday, the company announced that it had sold 34.5 million units at $10 each, completing the full exercise option for shares allotted to the underwriters. Each unit comprises one Class A ordinary share and a quarter of a redeemable warrant at an exercise price of $11.50 per share.

Trading of the units began on the Nasdaq Global Market under the ticker symbol KRAQU on the previous Wednesday.

As a SPAC, KRAKacquisition has been created to raise capital without an existing operational business, aiming to use the funds to achieve a merger or acquisition in the future. Currently, it does not have a specific acquisition target.

The IPO marks a significant move following Kraken’s earlier announcement, where it disclosed plans to support KRAKacquisition alongside Tribe Capital and Natural Capital. Founded in 2011, Kraken is among the most enduring cryptocurrency exchanges operating in the US. Recent filings indicated their preparations for a potential IPO, driving interest in the digital asset sector.

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Emerging IPO Candidates in the Crypto Space

• Ledger, a crypto hardware wallet provider, is rumored to be in talks for a potential IPO valuing over $4 billion, negotiating with banks like Goldman Sachs and Barclays.
• Copper, a digital asset custodian, is also exploring IPO opportunities following the recent listing of BitGo on NASDAQ.
• Securitize has disclosed an impressive revenue surge of 841% year-over-year as it seeks to go public via a blank check company backed by Cantor Fitzgerald.

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