New SPAC Move Signals Deepening Crypto Market Integration
A recently incorporated special purpose acquisition company (SPAC) focused on blockchain infrastructure has filed with the U.S. Securities and Exchange Commission to raise up to $250 million through an initial public offering. Established in July 2025 under Cayman Islands law, the company plans to offer 25 million units at $10 per unit, aiming for a listing on the Nasdaq Global Market under the proposed ticker 'KRAQU'.
Betting on the Backbone of Web3
While no acquisition targets have been revealed, regulatory filings indicate a clear strategic focus on core technological layers within the digital asset ecosystem—ranging from decentralized settlement protocols to compliant custody and data infrastructure. This marks a growing trend of institutional-grade investment flowing into foundational blockchain technologies.
- Funding goal: Up to $250 million
- Pricing: $10 per unit
- Planned exchange: Nasdaq Global Market
- Target sector: Crypto-native infrastructure and Web3 platforms
The filing follows broader movements within the ecosystem. Sources familiar with the matter suggest that key backers are concurrently advancing plans for a separate, traditional IPO of their primary operating business, having filed a confidential S-1 form in November. As the line between traditional finance and decentralized systems continues to blur, such dual-track strategies may become a blueprint for future market entrants.