Crypto wealth manager Abra lists on Nasdaq in blockbuster $750 million valuation
Abra, a digital asset management platform, will merge with New Providence Acquisition Corporation III to become a publicly traded company. The combined entity, Abra Financial, is expected to trade on Nasdaq under the ticker ABRX.
The transaction puts Abra's pre-money valuation at $750 million and will allow Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures and SBI to transfer all of their shares to the combined company, according to Monday's announcement.
The deal makes it the first publicly traded firm to offer SEC-registered investment advisory services and a complete digital asset wealth management platform.
Abra Financial provides institutional, high net worth and RIA clients with a comprehensive range of digital asset services including regulatory, trading, production, lending and treasury management.
The merger is expected to provide significant growth capital with up to $300 million in cash secured, and Abra's management has targeted $10 billion in assets under management by the end of 2027. Earnings will support growth strategies, sales, marketing and operational expansions.
Abra aims to make regulated, on-chain crypto asset management like Bitcoin, stablecoins and tokenized real-world assets central to the financial system, CEO Bill Barheit said.
Disclosure: This article was edited by Vivian Nguyen. See our Editorial Policy for more information on how we create and review content.
