Crypto Firm Abra to Go Public on Nasdaq in $750 Million SPAC Deal

Abra, a digital asset wealth management platform, is set to list on Nasdaq through a merger with a SPAC.

Mar. 16, 2026 at 4:18pm by Ben Kaplan

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Abra Financial Holdings, a San Francisco-based digital asset wealth management platform, announced it will go public through a business combination with New Providence Acquisition Corp. III, a special purpose acquisition company. The combined company is expected to list on Nasdaq under the ticker symbol ABRX, valuing Abra at $750 million on a pre-money basis.

Why it matters

The move to go public comes as Abra has faced repeated regulatory issues, including charges from the SEC and CFTC for offering unregistered security-based swaps and operating an unregistered investment company. The public listing could provide Abra with more resources to navigate the complex regulatory landscape for crypto-related financial services.

The details

Abra is positioning itself as the first publicly traded company with an SEC-registered investment advisor focused on digital asset wealth management. The company offers services including custody, trading, yield strategies, and collateralized lending, and is targeting over $10 billion in assets under management by the end of 2027. New Providence's trust holds up to $300 million in cash, which would serve as growth capital for the combined company.

  • Abra was charged by the SEC and CFTC in July 2020 for offering and selling unregistered security-based swaps and entering into illegal off-exchange swaps.
  • In August 2024, the SEC filed charges against Abra's subsidiary Plutus Lending LLC for failing to register its retail crypto lending product, Abra Earn, and for operating as an unregistered investment company.
  • In June 2024, Abra agreed to repay customers $82 million in crypto as part of a settlement with 25 states for operating without a license.
  • The Texas State Securities Board also filed an enforcement action against Abra and its CEO regarding Abra Earn for alleged securities fraud in 2023.

The players

Abra Financial Holdings

A San Francisco-based digital asset wealth management platform that is going public through a SPAC merger.

New Providence Acquisition Corp. III

A special purpose acquisition company that is taking Abra public through a business combination.

Bill Barhydt

The CEO of Abra.

SEC

The U.S. Securities and Exchange Commission, which has taken enforcement actions against Abra.

CFTC

The U.S. Commodity Futures Trading Commission, which has taken enforcement actions against Abra.

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What they’re saying

“Our aim is to bring institutional-grade on-chain crypto wealth management products to investors worldwide within a regulated and transparent framework.”

— Bill Barhydt, CEO, Abra (Press Release)

What’s next

The combined company is expected to list on Nasdaq under the ticker symbol ABRX, with the transaction valuing Abra at $750 million on a pre-money basis.

The takeaway

Abra's move to go public comes amid a history of regulatory issues, highlighting the challenges crypto firms face in navigating the complex regulatory landscape. The public listing could provide Abra with more resources to address these concerns, but the company will need to demonstrate its ability to operate within the bounds of securities laws to maintain investor confidence.