Cryptocurrency wealth management platform Abra announced on Monday its intention to go public through a merger with special purpose acquisition company New Providence Acquisition Corp III. This move comes as investor interest in digital asset firms shows signs of resurgence.

Upon completion of the transaction, the combined entity will operate under the name Abra Financial Holdings and is expected to list on the Nasdaq stock exchange.

Key details of the transaction include:

The deal is based on a pre-money equity valuation of $750 million for Abra. Existing investors in Abra, including Pantera Capital and Adams Street, will transfer **100%** of their equity stakes into the newly merged company. Abra founder and CEO Bill Barhydt commented in an interview, stating, "For us, this is simply the logical next step. We anticipate significant development and growth in the coming years." Abra provides cryptocurrency asset custody, trading, and lending services to registered investment advisors, private clients, family offices, and hedge funds. The company itself is also a registered investment advisor. In 2024, Abra reached a settlement with the U.S. Securities and Exchange Commission (SEC). The SEC had previously charged that the company's lending product, Abra Earn (now discontinued), should have been registered as a security. Also in 2024, Abra settled with financial regulators from 25 U.S. states. These state regulators had determined that Abra was operating within their jurisdictions without obtaining the necessary licenses.