Crypto SPAC targets $2B�$10B DeFi deals

TLDR

A Kraken affiliated SPAC is hunting for a crypto and DeFi target worth roughly 2 billion to 10 billion dollars to take public via a merger.

1. KRAKacquisition Corp, a Kraken linked SPAC, is exploring targets in stablecoins, tokenization, DeFi and payments with an indicative value range of 2 to 10 billion dollars.
2. This could give a large DeFi or crypto infrastructure project a fast track to the public markets, potentially lifting valuations and spotlighting real revenue DeFi over speculative tokens.
3. The key things to watch are which sector it chooses, how regulators react, and whether Krakens own IPO plans move in parallel or instead of a SPAC driven listing.

Deep Dive

1. What The SPAC Is Actually Doing

KRAKacquisition Corp is a special purpose acquisition company sponsored by an affiliate of crypto exchange Kraken, created to merge with a private firm and list it via a reverse merger.

According to interviews with director Ravi Tanuku, the SPAC is looking for a crypto related target valued anywhere from about 2 billion to as much as 10 billion dollars, with a focus on stablecoins, asset tokenization, decentralized finance (DeFi), and payments infrastructure. Decrypt and Yahoo Finance both describe this wide range as indicative rather than fixed, showing flexibility around deal size.

A Coinpedia summary notes that the vehicle raised roughly 345 million dollars in its own IPO and has the standard two year window from launch to close a deal, which is typical timing for SPACs.

2. Why This Matters For DeFi And Markets

If KRAKacquisition picks a DeFi or stablecoin aligned target, it would effectively turn a large crypto native business into a public company using a faster, more flexible route than a traditional IPO.

That would be one of the bigger real economy DeFi listings to date, and it would give public equity investors exposure to on chain revenue, fees and tokenization flows rather than just holding tokens. The Decrypt coverage highlights that Wall Street interest in firms tied to stablecoins and tokenization has surged, which is why the SPAC is leaning into those categories.

3. What To Watch Next

SPACs are on a countdown, so the main catalysts are:

1. Sector choice: whether the target is a pure DeFi protocol, a stablecoin issuer, a tokenization platform, or a payments rail.
2. Regulatory response: any SEC scrutiny of the structure or of the targets crypto activities could slow or reshape the deal.
3. Krakens own listing path: Kraken confidentially filed for an IPO in late 2025, so investors will watch whether it lists itself directly while also using the SPAC for a separate partner company.

If a specific target is announced, it will immediately reprice that projects token and equity story and set a benchmark for other DeFi firms considering public market routes.

Conclusion

A Kraken sponsored SPAC scouting for a 2 to 10 billion dollar DeFi or tokenization deal signals that large, revenue focused crypto businesses are increasingly being treated like mainstream financial infrastructure.

The eventual target and deal structure will tell the market which parts of DeFi Wall Street currently values most, and it could create new valuation benchmarks for similar projects.