Kraken associates with SPAC to seek potential acquisition targets, with the actual valuation of the target company potentially approaching $2 billion Odaily Planet Daily News: Kraken, a cryptocurrency exchange, is affiliated with a special purpose acquisition company (SPAC) called KRA Acquisition Corp., which announced that it has launched a search for potential acquisition targets with a valuation of up to $10 billion. It is reported that the SPAC is extensively exploring cryptocurrency native enterprises, including companies in stablecoins, tokenization, DeFi, and payment related fields. KRA Acquisition has previously completed a $345 million IPO and obtained two years to search for acquisition targets. It stated that $10 billion is only a rough valuation ceiling, and the actual valuation of the target company may be closer to $2 billion, but this range reflects the company's desire to provide a path for small and medium-sized enterprises to enter the public market. At the same time, Kraken itself is also advancing its IPO plan. The exchange had previously secretly submitted registration documents to the US Securities and Exchange Commission and completed approximately $800 million in financing last year, with a valuation of around $20 billion. KRAKacquisition is also seen as Kraken's strategic investment tool, forming closer economic ties with the acquired company through shareholding.