Abra Financial Holdings, the San Francisco-based digital asset wealth management platform, will go public via a $750 million SPAC deal with New Providence Acquisition Corp. III. The combined entity will trade on Nasdaq under the ticker ABRX.
The transaction values Abra at $750 million pre-money. Existing investors, including Blockchain Capital, Pantera Capital, and SBI, will roll over their entire stakes. New Providence's trust holds up to $300 million in cash for growth capital.
Abra is positioning itself as the first publicly traded SEC-registered investment advisor focused on digital assets, offering custody, trading, yield strategies, and lending. It aims to reach over $10 billion in assets under management by 2027.
CEO Bill Barhydt said the goal is to deliver institutional-grade crypto wealth products within a regulated framework.
The move follows multiple regulatory actions. In 2020, the SEC and CFTC fined Abra $300,000 for unregistered swaps. In 2024, it settled SEC charges over its Abra Earn lending product and repaid $82 million to customers across a 25-state settlement for operating without licenses.
Abra maintains no consumers were harmed, noting U.S. Earn assets were transferred to Abra Trade accounts in 2023.