Abra, a digital asset wealth management platform, will transition into a publicly traded company through a merger with New Providence Acquisition Corp. III. The combined entity, Abra Financial, is expected to trade on Nasdaq under the ticker ABRX.
The transaction sets Abra’s pre-money valuation at $750 million and allows existing stockholders, including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI, to roll all their shares into the combined company, according to a Monday announcement.
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The deal makes it the first publicly traded firm to offer both SEC-registered investment advisory services and a complete digital asset wealth management platform.
Abra Financial will serve institutional, high-net-worth, and RIA clients with a comprehensive suite of digital asset services, including custody, trading, yield, lending, and treasury management.
The merger is expected to provide significant growth capital, including up to $300 million in cash held in trust, while Abra’s management targets $10 billion in assets under management by the end of 2027. The proceeds will support growth strategies, sales, marketing, and operational expansion.
Abra aims to provide regulated, on-chain crypto wealth management as Bitcoin, stablecoins, and tokenized real-world assets become central to the financial system, according to CEO Bill Barhydt.