TechFlow News, March 16: According to CoinDesk, Abra, a cryptocurrency wealth management platform, announced plans to go public via a merger with special purpose acquisition company (SPAC) New Providence Acquisition Corp. III. The transaction values Abra at $750 million. Upon completion of the merger, the combined entity will be renamed Abra Financial Inc. and is expected to list on the Nasdaq under the ticker symbol ABRX. The merger remains subject to approval by shareholders and regulatory authorities. Abra stated that proceeds from the transaction will be used to expand its institutional crypto lending, yield, and custody services, as well as to advance its initiatives in tokenized real-world assets (RWA) and decentralized finance (DeFi).
Founded in 2014 and headquartered in San Francisco, Abra currently focuses on serving institutional clients, registered investment advisors, family offices, and high-net-worth individuals, managing assets totaling “hundreds of millions of dollars.” The company aims to exceed $10 billion in assets under management by 2027. Previously, Abra reached settlements with U.S. state regulators and the U.S. Securities and Exchange Commission (SEC) in 2023 and 2024 over unregistered lending and securities issuance activities, subsequently shutting down its retail-facing business.
