Kraken’s blank-check firm KRAKacquisition is hunting crypto targets worth up to $10B, eyeing stablecoins, DeFi, and tokenization plays
KRAKacquisition Corp. is on the hunt. The Kraken-affiliated special purpose acquisition company is searching for a crypto firm worth up to $10 billion.
Director Ravi Tanuku confirmed the search in a recent statement. The blank-check firm completed a $345 million IPO in January. It now has two years to find the right target.
KRAKacquisition Sets Its Sights on the Crypto Market
The SPAC has not pinned down what its ideal target looks like. However, Tanuku noted that interest in stablecoins and tokenization surged notably last year. Wall Street, he noted, is paying a premium for companies in those spaces.
KRAKacquisition Corp. a SPAC associated with the crypto exchange Kraken, is seeking potential acquisition targets with valuations up to $10 billion, though they could be closer to $2 billion. The firm completed an approximately $345 million IPO in January and is targeting… pic.twitter.com/geFfMVmUZc
— Wu Blockchain (@WuBlockchain) March 14, 2026
KRAKacquisition is focusing on crypto-native businesses. The sectors on its radar include stablecoins, asset tokenization, DeFi, and payments. These areas have drawn significant investor attention over the past year.
The firm is targeting small- to mid-cap companies. Valuations could fall closer to $2 billion, though the upper limit sits at $10 billion. This gives the SPAC a wide but defined search range.
Tanuku described rising market interest as a positive indicator. “The market is clearly paying up for those,” he told Decrypt. He added that big changes are coming, and the firm is watching closely.
How the SPAC Structure Works in This Deal
SPACs are shell companies built for one purpose. They take private companies public through a reverse merger. This approach bypasses the traditional IPO route entirely.
KRAKacquisition completed its public offering in January. That marked the official start of a two-year window. Within that period, the firm must identify and close a deal.
The SPAC is sponsored by an affiliate of Kraken. This gives it direct ties to one of the most recognized names in crypto. That connection could attract strong acquisition targets.
The blank-check structure also gives KRAKacquisition flexibility. It can move quickly when it spots the right opportunity. That speed is one reason SPACs remain popular in fast-moving markets like crypto.
Related reading: Kraken Aims for $15 Billion Valuation Ahead of Possible 2026 IPO
Kraken Eyes Its Own Public Offering Alongside the Search
Kraken is not just watching from the sidelines. The exchange itself is reportedly planning its own IPO later this year. The SPAC search and the IPO plans are running on parallel tracks.
This dual approach reflects Kraken’s broader growth ambitions. Taking a crypto company public through KRAKacquisition could strengthen its ecosystem. At the same time, its own listing would raise fresh capital.
The timing aligns with growing crypto market momentum. Institutional interest in digital assets has picked up sharply. Kraken appears to be positioning itself ahead of that wave.
Whether KRAKacquisition closes a deal before Kraken’s IPO remains to be seen. What is clear is that both moves point in the same direction. Kraken is pushing hard for a bigger public-market footprint.
