Crypto wealth platform Abra announced plans to go public through a merger with special purpose acquisition company New Providence Acquisition Corp. III, valuing the firm at $750 million.
The combined company will be renamed Abra Financial Inc. and is expected to list on Nasdaq under the ticker ABRX.
The transaction could deliver up to $300 million in cash from the SPAC’s trust account, subject to shareholder redemptions and deal expenses.
Founded in 2014 and headquartered in San Francisco, Abra serves institutions, registered investment advisers, family offices, and high-net-worth individuals with services including crypto custody, trading, yield generation, and borrowing.
Assets are held in segregated vaults, not on the company’s balance sheet. The firm operates an SEC-registered investment adviser, positioning itself as a bridge between traditional wealth management and digital assets.
Proceeds will fuel expansion into tokenized real-world assets and decentralized finance, along with product development and hiring.
Abra reported hundreds of millions in assets under management and aims to exceed $10 billion by 2027.
After regulatory challenges related to unregistered securities offerings, Abra shuttered U.S. retail operations in 2023-2024, returned funds to customers, and rebuilt its business around institutional clients via Abra Capital Management.
The proposed merger remains pending approval from shareholders and regulators.
