Abra to list on Nasdaq via $750M SPAC deal with New
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- Abra will merge with New Providence Acquisition Corp. III, valuing the company at $750 million and targeting a Nasdaq ticker ABRX.
- Existing investors such as Pantera Capital, Blockchain Capital, RRE Ventures, Adams Street and SBI will roll over their stakes instead of cashing out.
- Regulatory context: Abra settled with 25 U.S. states over its Earn lending product, winding it down and refocusing on institutional wealth‑management services.
- Industry trend: Crypto firms are reviving SPAC routes for rapid liquidity, while larger players like Circle and Gemini opt for traditional IPOs, highlighting divergent market strategies.
Why it matters: Shows crypto firms regaining public‑market access despite tighter regulation.
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