Cryptocurrency Wealth Management Platform Abra Plans to List on Nasdaq Through $750 Million SPAC Merger

Deep Tide TechFlow News, on March 16, according to CoinDesk, cryptocurrency wealth management platform Abra announced plans to go public through a merger with special purpose acquisition company New Providence Acquisition Corp. III, valuing Abra at $750 million. After the merger is completed, the combined entity will be renamed Abra Financial Inc. and is expected to trade on NASDAQ under the ticker symbol ABRX. The merger is still subject to approval by shareholders and regulators. Abra stated that the funds raised will be used to expand institutional crypto lending, yield, and custody services, as well as to develop tokenized real-world assets (RWA) and decentralized finance (DeFi) sectors.

Founded in 2014 and headquartered in San Francisco, Abra currently focuses on serving institutional clients, registered investment advisors, family offices, and high-net-worth individuals, managing assets worth “hundreds of millions of dollars,” with a goal to surpass $10 billion by 2027. Previously, Abra reached settlements with U.S. state regulators and the U.S. Securities and Exchange Commission (SEC) between 2023 and 2024 over unregistered lending and securities issuance issues, and subsequently shut down its retail-facing business.