Kraken-Backed SPAC Eyes Crypto Target Worth Up to $10 Billion
A special-purpose acquisition company backed by Kraken is quietly screening crypto-native firms that could command valuations as high as $10 billion, according to the update. The SPAC is taking a broad look at candidates across exchanges, infrastructure and trading-adjacent businesses, aiming to package a deal that appeals to traditional Wall Street buyers and public-market investors.
Why it matters: a successful transaction would accelerate institutional-grade liquidity and set valuation benchmarks for large crypto firms seeking public exits. Market participants will watch which subsectors are chosen and the deal structure, since a high-profile listing could spur consolidation and reopen a pathway for late-stage crypto projects to access U.S. capital markets.