The crypto asset platform Abra wants to go public on the NASDAQ via a merger with a special purpose vehicle. The deal is expected to provide up to $300 million in growth capital.
• Abra plans to merge with SPAC New Providence Acquisition Corp. III an IPO on the NASDAQ
• The transaction values Abra at $750 million
• Up to $300 million could flow as growth capital
Abra merges with New Providence Acquisition Corp. III
Crypto asset platform Abra Financial Holdings and special purpose acquisition company New Providence Acquisition announced a definitive merger agreement on March 16, 2026. As noted in the joint press release via BusinessWire, the transaction is based on a $750 million valuation for Abra prior to the merger’s completion. The combined company will operate under the name Abra Financial, Inc. and will be traded on the NASDAQ under the symbol ABRX.
Advertising
Over 650+ cryptos and 3,000 digital assets
Bitpanda is the BaFin-licensed crypto broker from Austria and the official crypto partner of FC Bayern Munich. Create your account with just a few clicks and benefit from 0% deposit and withdrawal fees.
The deal could see Abra receive up to $300 million from the SPAC’s trust account, with the final amount dependent on share returns from SPAC shareholders and transaction costs. According to the press release, existing Abra shareholders, including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures and SBI, will contribute 100 percent of their shares to the combined company. The transaction is still subject to shareholder approval on both sides and regulatory approvals. Cantor Fitzgerald serves as financial advisor.
From retail provider to institutional asset platform
Abra was founded in San Francisco in 2014 and has undergone a fundamental change in strategy in recent years. As CoinDesk classified in its March 16, 2026 reporting, the company originally started as a mobile crypto wallet and remittance app for private customers under CEO Bill Barhydt. During the crypto boom, Abra expanded its offering to include credit and yield products and raised $55 million in a funding round in 2021 from investors including Blockchain Capital, Pantera Capital and RRE Ventures.
The change of course came after regulatory disputes. In 2023 and 2024, Abra reached settlements with U.S. states and the Securities and Exchange Commission related to unregistered loan and securities offerings, according to CoinDesk. The company then suspended its US retail banking business and returned customer funds. Since then, the platform has been aimed exclusively at institutional clients, registered investment advisors, family offices and wealthy individuals. Asset management is handled by Abra Capital Management, an SEC registered investment advisor.
Growth goals and product strategy
In the press release, Abra CEO Bill Barhydt emphasized the belief that Bitcoin, stablecoins and the tokenization of real assets increasingly form the backbone of the future financial system. The demand for crypto-collateralized loans, stablecoin-based returns and other digital asset services will increase significantly in the coming years. The company had hundreds of millions of dollars in assets under management at the time of the announcement, according to the press release, and is aiming to grow that to over $10 billion by the end of 2027.
According to the press release, the proceeds from the transaction will flow into product development, expanding sales and expanding into new business areas. These include, among other things, support for tokenized real-world assets such as stocks and real estate as well as entry into decentralized financial applications via the newly launched AbraFi product. Alex Coleman, co-chair of New Providence, called Abra a compelling investment opportunity at the intersection of personal financial planning and digital assets in the press release.
Dominik Maier, editorial team at finanzen.net
