Abra, a crypto wealth management company, wants to merge with a SPAC and go public on Nasdaq. This is part of a growing trend of companies that deal in digital assets going public to get money.
Abra, a platform for managing digital assets, is going public through a reverse merger with New Providence Acquisition Corp. III, a special purpose acquisition company. This is the latest attempt by a crypto company to get into the public markets as interest in the industry grows.
On Monday, Abra said it had reached a final deal with the blank-check company, or SPAC, that put the value of the crypto wealth manager at $750 million before any money was put in.
Instead of cashing out, current investors, including Pantera Capital, Blockchain Capital, RRE Ventures, Adams Street, and SBI will roll their shares into the new company.
After the deal is done, the new company is expected to trade on the Nasdaq under the ticker name ABRX.
The public company will focus on managing crypto wealth by offering custody and separate accounts, yield schemes, crypto-backed loans, treasury management, and trading services.
Bill Barhydt started Abra in 2014. It runs a digital asset platform for wealthy individuals, institutions, and family offices. The US Securities and Exchange Commission has registered its investment management arm, Abra Capital Management LP, as an investment adviser. This lets it offer portfolio management services to customers.
Following regulatory attention, Abra has started reorganising its US operations. In 2024, the business reached an agreement with regulators in 25 US states for its Abra Earn crypto lending product. It agreed to repay investors’ money and end the program for US clients. The deal came at a time when the company was changing its focus to institutional and wealth management services.
Source: Julian Klymochko
Abra restructures US operations after regulatory scrutiny
Abra is one of many digital asset businesses that want to go public in order to get more traditional investors.
Jessica Groza, a partner at Kohrman Jackson & Krantz, noted that SPACs have become more popular in the past year as a way for crypto-related businesses to go public. This model gives you quick access to cash, flexible pricing, and access to institutional capital, but it also comes with a lot of risks, like volatility, structural dilution, unclear disclosures, technical complexity, and regulatory uncertainty.
Over the past year, many well-known crypto companies, such as Circle Internet Group, which issues stablecoins and went public on the New York Stock Exchange in June 2025, and Gemini, a crypto exchange that went public on Nasdaq later that year, have chosen to go public through traditional initial public offerings (IPOs).
Figure Technologies, a financial services firm that focuses on blockchain, and Bullish, an institutional trading platform, also went public through an IPO at the same time.
Ledger, a developer of hardware wallets, and Copper, a crypto custodian for institutions, are two other companies that are said to be looking into going public.