Abra Financial Holdings has agreed to go public through a business combination with special purpose acquisition company New Providence Acquisition Corp. III, according to an announcement on Monday.

The deal values Abra at a $750 million pre-money equity valuation and would result in the combined entity, to be renamed Abra Financial Inc., listing on Nasdaq under the ticker symbol "ABRX."

The transaction could provide Abra with significant growth capital, including up to $300 million of cash currently held in New Providence's trust account, subject to reductions from shareholder redemptions. Existing Abra investors — including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI — will roll 100% of their equity into the combined company, according to the release.

The combined company targets high-net-worth investors, institutions, family offices, and registered investment advisors operating within the broader $100 trillion wealth management market.

Targeting digital asset growth

In a statement, founder and CEO Bill Barhydt said the firm aims to build institutional-grade crypto wealth management products within a regulated framework.

"We believe that Bitcoin, stablecoins, and the tokenization of real-world assets are quickly becoming the backbone of the future financial system," Barhydt said. He added that demand for crypto-backed loans, stablecoin-based yield, and other digital asset services is expected to grow in the coming years.

Abra's platform includes services such as segregated digital asset custody, trading across hundreds of digital assets, collateralized lending, and advisory services. The firm said it currently manages "hundreds of millions of dollars" in assets under management and said it is targeting more than $10 billion in AUM by the end of 2027.

Alex Coleman, co-chairman of New Providence, described the deal as an opportunity to invest in a company operating at the intersection of digital assets and personal finance. "Abra represents a compelling opportunity to invest in a pioneering company with unique technology, access to a growing customer base, and a flexible and scalable business model that addresses the future of wealth management and financial technology," Coleman said. "We believe Abra is poised for significant and sustained growth as the world moves to a tokenized and digital assets-based financial system."

Under the agreement, Abra equity holders are expected to retain a majority stake in the combined company after the transaction closes. The deal has already been approved by the boards of both companies, but will still require approval from shareholders and is subject to customary closing conditions.