Cryptocurrency-focused SPAC raises $115 million in Nasdaq IPO

Aura FAT Projects Acquisition Corp. (AFARU), a special purpose acquisition company (SPAC), has completed its initial public offering on Nasdaq and raised $115 million, focusing on crypto industry assets.

The Cayman Islands-incorporated SPAC raised $100 million in its April 13 initial public offering (IPO), plus a $15 million over-allotment, bringing its total to $115 million.

It also secured sponsorship funding with Singaporean financial services firm Aura Group and Fat Projects. The SPAC's website says it has operations in Australia, New Zealand, Singapore, Indonesia, Vietnam, Thailand, Malaysia and the Philippines.

Aura FAT will make acquisitions in the blockchain space because of its interest in emerging technology companies dealing with Web3, cryptocurrencies, digital ledgers and video game assets.

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On April 1, Bitcoin (BTC) mining firm PrimeBlock announced its merger with 10x Capital Venture Acquisition Corp II SPAC. The merger, valued at $1.3 billion, will make PrimeBlock a public company.

In late March, Thunder Bridge Capital Partners IV SPAC merged with Japanese cryptocurrency exchange Coincheck to form Conicheck Group NV. The merger, valued at $1.25 billion, is expected to list on Nasdaq in the second quarter of this year.