Crypto wealth platform Abra said it 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 list on Nasdaq under the symbol ABRX, according to an announcement.
The transaction could generate up to $300 million in cash from the SPAC’s trust account, although the final amount depends on shareholder repayments and deal expenses.
Founded in 2014 and headquartered in San Francisco, Abra offers a range of services for cryptocurrency investors. Its platform allows institutions, registered investment advisors, family offices, and wealthy individuals to store cryptocurrencies, trade hundreds of tokens, earn returns, and borrow against holdings.
Assets are held in segregated accounts called vaults rather than on the company’s balance sheet. The company operates an SEC-registered investment advisor and frames its services as a bridge between traditional wealth management and the crypto markets.
Abra said the proceeds from the transaction will support product development, contracting and expansion in 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 surpass $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 cryptocurrency bull cycle, the company expanded into lending and yield products through its Abra Earn program and raised $55 million in 2021 from investors such as Blockchain Capital, Pantera Capital, and RRE Ventures.
The company changed strategy after regulators questioned parts of its lending business. In 2023 and 2024, Abra reached settlements with U.S. state regulators and the Securities and Exchange Commission linked to unregistered loans and securities offerings.
The company closed its U.S. retail operations and returned funds to clients before rebuilding the business around high-net-worth and institutional clients through its SEC-registered investment arm, Abra Capital Management.
The proposed merger is pending shareholder and regulatory approval prior to closing.
