Crypto Wealth Manager Abra to Go Public via SPAC Merger

Digital asset wealth management platform Abra is heading to the public markets. Abra Financial Holdings announced today it has entered into a definitive business combination agreement with New Providence Acquisition Corp. III (Nasdaq: NPACU). The combined company is expected to list on Nasdaq under the ticker "ABRX." Founded in 2014, Abra offers institutions and high-net-worth clients a suite of crypto-native services, including segregated custody, trading, yield strategies, collateralized lending, and advisory, through its SEC-registered investment advisor.It recently launched USDAF, a yield-bearing Solana-native synthetic dollar, extending its reach into decentralized finance (DeFi). The deal values Abra at $750 million pre-money, with existing backers — including Blockchain Capital and Pantera Capital — rolling 100% of their interests into the combined entity. The transaction could deliver up to $300 million in cash held in trust, subject to redemptions. Cantor Fitzgerald is acting as financial and capital markets advisor to Abra. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io