Crypto-wealth platform Abra said it plans to go public through a merger with special-purpose acquisition firm New Providence Acquisition Corp. III in a deal that values the company at $750 million.
The combined company will be renamed Abra Financial Inc. and is expected to be listed on Nasdaq under the ticker ABRX, according to a release.
The transaction could deliver as much as $300 million in cash from the SPAC’s trust account, although the final amount depends on shareholder redemptions and deal expenses.
Founded in 2014 and based in San Francisco, Abra offers a variety of services to crypto investors. Its platform allows institutions, registered investment advisors, family offices and wealthy individuals to store crypto, trade hundreds of tokens, earn returns and borrow against holdings.
Assets sit in segregated accounts called vaults rather than on the company’s balance sheet. The firm operates an SEC-registered investment advisor and forms its services as a bridge between traditional wealth management and crypto markets.
Abra said the proceeds from the transaction will support product development, hiring and expansion into areas such as real-world tokenized assets and decentralized finance.
The company reported “hundreds of millions of dollars in assets” under management and aims to exceed $10 billion by 2027.
Abra was founded by CEO Bill Barhydt as a mobile crypto wallet and remittance app aimed at retail users. During the last crypto bull cycle, the company expanded into lending and yield products through its Abra Earn program and raised $55 million in 2021 from investors including Blockchain Capital, Pantera Capital and RRE Ventures.
The company changed strategy after regulators challenged parts of its lending business. In 2023 and 2024, Abra entered into settlements with US state regulators and the Securities and Exchange Commission related to unregistered lending and securities offerings.
The firm closed its US retail business and returned funds to clients before rebuilding the business around institutional and high-net-worth clients through its SEC-registered investment arm, Abra Capital Management.
The proposed merger is subject to shareholder and regulatory approval prior to closing.
