Crypto wealth platform Abra has announced plans to go public through a merger with special purpose acquisition company 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 symbol ABRX, according to a release.
The transaction could raise 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 based in San Francisco, Abra offers a range of services to crypto investors. Its platform allows institutions, registered investment advisors, family offices and high net worth individuals to store cryptocurrencies, trade hundreds of tokens, earn yield and borrow against holdings.
Assets are in separate accounts called vaults rather than on the company’s balance sheet. The company operates an SEC-registered investment advisor and defines its services as a bridge between traditional wealth management and the crypto markets.
Abra said proceeds from the transaction would support product development, hiring and expansion in areas such as real-world tokenized assets and decentralized finance.
The company reported “hundreds of millions of dollars of assets” under management and aims to exceed $10 billion by 2027.
Abra was founded by CEO Bill Barhydt as a mobile crypto wallet and money transfer 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 its strategy after regulators challenged parts of its lending business. In 2023 and 2024, Abra entered into agreements with U.S. state regulators and the Securities and Exchange Commission related to unregistered loans and securities offerings.
The company closed its U.S. retail operations and returned funds to clients before rebuilding its business around institutional and high-net-worth clients through its SEC-registered investment arm, Abra Capital Management.
The proposed merger is awaiting approval from shareholders and regulators before closing.
