Abra to List via $750M SPAC, Aims for $10B AUM by 2027

Abra, a digital-asset wealth manager founded in 2014, will merge with New Providence Acquisition Corp. III in a SPAC transaction that values the combined company at $750 million pre-money and is expected to list on Nasdaq under the ticker ABRX. The deal allows existing backers (including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures and SBI) to roll shares into the combined company and could deliver up to $300 million in cash from the SPAC trust, subject to investor redemptions and transaction costs. Abra will operate as Abra Financial and provide SEC-registered investment advisory services alongside a full suite of crypto wealth products — custody, trading, yield, lending, treasury management and tokenized real-world asset integrations — targeted at institutional, high-net-worth and RIA clients. After regulatory settlements in 2023–24 that led Abra to wind down its U.S. retail arm and refocus on institutional and high-net-worth clients via its SEC-registered adviser, the company reports “hundreds of millions” in assets under management and has set a management target of over $10 billion AUM by the end of 2027. Proceeds from the transaction are earmarked for scaling institutional offerings, product development, hiring and expanded sales and marketing. The merger remains subject to shareholder and regulatory approvals.