Crypto wealth platform Abra said it plans to go public through a merger with New Providence Acquisition Corp. III, a special purpose acquisition company, in a deal that values the company at $750 million.
According to the announcement, the combined company will be renamed Abra Financial Inc. and is expected to be listed on Nasdaq under the stock code ABRX.
The deal could bring up to $300 million in cash from the SPAC’s trust account, although the final amount depends on shareholder redemptions and transaction fees.
Founded in 2014 and headquartered in San Francisco, Abra provides a range of services to cryptocurrency investors. Its platform allows institutions, registered investment advisers, family offices and wealthy individuals to store cryptocurrencies, trade hundreds of tokens, earn income and borrow against their holdings.
Assets are held in separate accounts called vaults rather than on the company’s balance sheet. The company operates an SEC-registered investment advisor and positions its services as a bridge between traditional wealth management and the cryptocurrency market.
Abra said proceeds from the deal will support product development, hiring and expansion into areas such as tokenized real-world assets and decentralized finance.
The company reports “hundreds of millions of dollars in assets” under management and plans to exceed $10 billion by 2027.
Founded by CEO Bill Barhydt, Abra is a mobile crypto wallet and remittance app targeting retail users. During the last crypto bull run, the company expanded into lending and yield products through the Abra Earn program and raised $55 million in 2021 from investors including Blockchain Capital, Pantera Capital, and RRE Ventures.
The company changed its strategy after regulators raised questions about some of its lending operations. In 2023 and 2024, Abra reached settlements with U.S. state regulators and the Securities and Exchange Commission over unregistered loans and securities offerings.
The company closed its U.S. retail operations and returned money 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.
