Abra raises $750M for Nasdaq push
Crypto lender Abra secured $750M backed by Cantor Fitzgerald as it prepares for a Nasdaq public listing and targets expanding into the RIA market. The raise signals substantial institutional capital supporting lending and custody plays ahead of listed market access. (x.com)
Abra is going public through a business combination with New Providence Acquisition Corp. III, according to the companies’ definitive agreement. (abra.com) The transaction sets a $750 million pre‑money equity value for Abra and the combined company is expected to list on Nasdaq under the ticker ABRX. (theblock.co) The deal could deliver up to $300 million of growth capital from New Providence’s trust, subject to reductions for shareholder redemptions. (theblock.co) Existing Abra investors — named in filings as Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures and SBI — will roll 100% of their interests into the combined company. (publicnow.com) New Providence’s SPAC was underwritten by Cantor Fitzgerald, a relationship disclosed in the SPAC materials and the companies’ background statements. (spacresearch.com) Abra settled SEC charges in 2024 over unregistered offers and sales of crypto assets and consented to an injunction without admitting or denying the agency’s allegations. (sec.gov) Separately, Abra agreed to resolve multi‑state actions that included arrangements to return about $82 million to customers as part of state settlements. (bankingdive.com) Company materials peg current assets under management in the “hundreds of millions” and set a stated target to exceed $10 billion AUM by the end of 2027 while shifting product focus toward institutional custody, RIA separate accounts, lending and tokenized real‑world assets. (coindesk.com)
