A Special Purpose Acquisition Company (SPAC) with significant ties to leadership at cryptocurrency exchange Kraken is gearing up for a substantial public offering in the United States, aiming to raise $250 million. The move is viewed by market analysts as a potential ‘backdoor’ strategy to expand Kraken’s ecosystem or capitalize on the growing demand for public investment vehicles focused on digital assets.
The SPAC, provisionally named ‘Digital Asset Growth Acquisition Corp.’ (DAGAC), filed its preliminary S-1 paperwork with the Securities and Exchange Commission (SEC) this week. Filings reveal that the company’s management team includes several former senior Kraken executives and advisors specializing in blockchain technology and regulatory compliance.
DAGAC intends to offer 25 million units, priced at $10.00 each, with the stated objective of merging with an operating company in the fintech, blockchain infrastructure, or digital asset services sector within the next two years. The offering comes at a time when traditional IPOs remain muted, making SPACs an increasingly attractive route for crypto-adjacent companies seeking public capital.
While Kraken has historically explored the possibility of a direct listing or traditional public offering, this SPAC launch suggests a strategic focus on acquiring or partnering with established players. Industry observers believe the quarter-billion-dollar raise indicates confidence that regulatory hurdles, particularly in the US market, can be successfully navigated through an experienced management team well-versed in digital commerce compliance.
Source: Kraken-Linked SPAC Eyes $250 Million US Public Offering
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