Digital asset wealth management platform Abra merges with New Providence to go public, valued at $750 million.

Techub News reports that digital asset wealth management platform Abra Financial has reached a definitive merger agreement with special purpose acquisition company New Providence and will go public via a SPAC. The combined company is expected to list on Nasdaq under the ticker symbol "ABRX". The transaction is based on a pre-money equity valuation of $750 million for Abra and is expected to provide up to $300 million in cash (held in trust, net of shareholder redemptions). Existing Abra shareholders will transfer 100% of their equity into the combined company, including well-known institutions such as Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI. Abra positions itself to serve the $100 trillion wealth management market, focusing on the digital assets and tokenization sector.