Kraken's special purpose acquisition company (SPAC), KRAKacquisition Corp., is actively exploring a major acquisition in the cryptocurrency sector valued up to $10 billion. The SPAC, which raised $345 million in its Nasdaq IPO in January 2026, is targeting companies involved in stablecoins, decentralized finance (DeFi), tokenization, and digital payments. Director Ravi Tanuku noted the $10 billion figure is an estimate, with a potential target valuation closer to $2 billion, and stated the focus is driven by Wall Street's growing interest in stablecoin and tokenization businesses.
Concurrently, Kraken's parent company, Payward Inc., has paused its own plans for an initial public offering. The company confidentially filed a draft S-1 with the U.S. Securities and Exchange Commission in November but suspended the process due to weaker crypto market conditions following Bitcoin's record high in October. A Kraken spokesperson confirmed the filing but declined further comment, with sources indicating the IPO will be revisited when market sentiment improves.
The SPAC, trading on Nasdaq under the ticker KRAQU, aims to act as a strategic investment tool for Kraken, potentially helping small- to mid-sized crypto companies gain public market access. This move contrasts with Payward's delayed IPO, which was impacted by declining valuations and reduced trading volumes across the sector. Payward had previously raised $800 million at a $20 billion valuation, with investment from Citadel Securities.
