Kraken-affiliated SPACs are seeking potential acquisition targets, with target companies potentially valued at up to $10 billion.

PANews reported on March 14th that, according to Decrypt, Kraken's affiliated special purpose acquisition company (SPAC), KRAKacquisition Corp., announced it has begun searching for potential acquisition targets, with target companies valued at up to $10 billion. The SPAC is reportedly broadly examining crypto-native companies, including those in stablecoins, tokenization, DeFi, and payments. KRAKacquisition, which previously completed a $345 million IPO, has been given two years to find acquisition targets. The company stated that $10 billion is only a rough upper limit for valuation, and the actual valuation of target companies may be closer to $2 billion. However, this range reflects the company's desire to provide a pathway for small- to mid-cap companies to enter the public market.

Meanwhile, Kraken itself is also pushing forward with its IPO plans. The exchange had previously filed for registration with the U.S. Securities and Exchange Commission and completed a financing round of approximately $800 million last year, valuing the company at approximately $20 billion. Kraken Acquisition is also considered a strategic investment vehicle for Kraken, forming a closer economic connection with the acquired companies through shareholding.