Crypto asset manager Abra seeks Nasdaq listing despite past regulatory issues

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Yaroslav Dmytrenko

17.03.2026

Crypto asset manager Abra seeks Nasdaq listing despite past regulatory issues — Abra targets $10B AUM after planned Nasdaq SPAC merger

Crypto asset management firm Abra plans to list on the Nasdaq through a $750 million SPAC merger. The company has influential investors and aims to manage $10 billion in assets, but past regulatory issues could complicate those ambitions.

Highlights

Crypto asset manager Abra plans to go public via a $750 million SPAC deal with New Providence Acquisition Corp. III.
The company aims to manage over $10 billion in assets by 2027.
Past regulatory disputes with SEC, CFTC, and Texas authorities may complicate its ambitions.

Going public with a controversial history

According to Decrypt, San Francisco-based digital asset management platform Abra Financial Holdings plans to go public through a business combination with New Providence Acquisition Corp. III, a special purpose acquisition company (SPAC) whose shares trade on Nasdaq under the ticker NPACU. After the transaction, Abra will be listed on Nasdaq under the ticker ABRX.

The deal values Abra at $750 million before new investment. Existing investors in the firm — including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI — will roll over 100% of their stakes into the combined company.

The New Providence trust holds up to $300 million in cash, subject to shareholder redemptions, which will serve as growth capital for the merged company.

Abra positions itself as the first publicly traded company with an SEC-registered investment adviser specializing in digital asset management. Its services will include custody, trading, yield strategies, and collateralized lending.

“Our goal is to provide investors around the world with high-quality crypto asset management products on the blockchain within a regulated and transparent framework,” said Abra CEO Bill Barhydt.

By the end of 2027, Abra plans to manage more than $10 billion in assets. However, achieving this ambitious target may prove challenging for the company’s leadership.

Previously, Abra faced multiple disputes with regulators including the SEC and the CFTC. In 2020, regulators accused the firm of offering and selling unregistered swaps on digital assets and foreign currencies to retail investors. In 2024, Abra agreed to settle the case and paid $150,000 in penalties to both the SEC and the CFTC.

Around the same time, Abra and its subsidiary Plutus Financial were accused by the Texas regulator of offering investment products to non-accredited investors and operating while partially insolvent.

In addition, in August 2024 the SEC charged Abra subsidiary Plutus Lending LLC with operating as an unregistered investment company for at least two years while offering the retail crypto lending product Abra Earn. At its peak, Abra Earn held around $600 million in assets, nearly $500 million of which belonged to U.S. investors.

Public status forces a shift in business practices

Going public will effectively require Abra to reassess its compliance strategy and engagement with regulators. Operating as a public company and working through an SEC-registered investment adviser implies stricter reporting standards, greater transparency in product structures, and tighter controls over the offering of investment services to retail clients. This may represent an attempt by the firm to distance itself from earlier practices that drew scrutiny from regulators.

More broadly, the transaction reflects a trend in the crypto industry in which companies that previously operated in regulatory gray areas are seeking deeper integration with the traditional financial system. A SPAC listing and a stronger focus on regulated services could help Abra establish a more constructive relationship with U.S. regulators and build trust among institutional investors, for whom transparency and compliance remain key requirements when dealing with digital assets.

As we wrote, BlackRock-backed Securitize to join Nasdaq through SPAC deal

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