Digital asset wealth management firm Abra Financial Holdings announced March 16 that it plans to go public through a merger with special purpose acquisition company New Providence Acquisition Corp. III, valuing the company at $750 million before new capital. The deal could provide up to $300 million in cash from the SPAC's trust account, depending on shareholder redemptions. The combined company will be renamed Abra Financial Inc. and is expected to trade on Nasdaq under ticker ABRX.
From Crypto Wallet to Asset Manager
Founded in 2014 by CEO Bill Barhydt, Abra initially launched as a cryptocurrency wallet and exchange for global payments before evolving into a digital asset wealth management platform. The company now serves institutions, high-net-worth individuals, family offices and investment advisors, offering custody, trading, lending and advisory products tied to cryptocurrencies and tokenized assets. Abra operates as a U.S. Securities and Exchange Commission-registered investment advisor, using multi-party computation wallet infrastructure for segregated custody. Its platform also provides crypto-backed lending, over-the-counter trading and yield-focused strategies involving bitcoin, ethereum and stablecoins.
Assets Under Management and Growth Targets
According to company disclosures, Abra manages roughly $484 million in client assets and targets more than $10 billion in assets under management by 2027. The firm has also expanded into decentralized finance through a product called AbraFi and supports tokenization initiatives tied to equities and real estate. New Providence Acquisition Corp. III completed its IPO in May 2025, raising about $300.15 million through the sale of 30,015,000 units. Each unit includes one Class A share and a half warrant with an exercise price of $11.50.
Transaction Structure and Timeline
Under the deal terms, Abra shareholders will roll over all of their equity and are expected to retain majority ownership in the combined company. The transaction requires at least $40 million in net cash at closing and approval from New Providence shareholders. Both boards have approved the merger, which is expected to close before Oct. 15, 2026, pending regulatory approvals and SEC filings. Barhydt said the company aims to expand regulated on-chain wealth services, stating that "Bitcoin, stablecoins, and the tokenization of real world assets are quickly becoming the backbone of the future financial system."