Kraken Files for IPO After Raising $800 Million at $20 Billion Valuation
Kraken submitted a confidential S-1 to the SEC after securing $800 million from investors, setting its valuation at $20 billion and moving toward a public listing.
Kraken has filed confidential paperwork with US regulators to begin the process of becoming a publicly traded company. The filing came on Wednesday, only hours after the cryptocurrency exchange announced an $800 million fundraising round that placed its valuation at $20 billion.
According to the company, a draft S-1 registration was submitted to the US Securities and Exchange Commission. The S-1 is the required document for companies planning to list shares on a US exchange. Kraken said it has not yet decided the number of shares it will offer or the price range for the planned sale.
The exchange’s path toward a public listing has been closely watched this year. In March, the SEC—under the Trump administration—ended its lawsuit against Kraken over its staking program. The withdrawal of that case removed a major barrier that had raised questions about Kraken’s ability to advance toward a public offering.
Funding Round Sets New Valuation
Talk of a large capital raise around Kraken had been circulating for months as the exchange prepared for a possible listing.
That expectation became concrete on Tuesday, when the company announced an $800 million round backed by well-known financial groups, including Citadel, the firm led by Ken Griffin.
The new round set Kraken’s valuation at $20 billion, giving the company a sizable financial base ahead of its first public filing. The capital gives Kraken room to scale its trading, custody, and compliance infrastructure at a time when exchanges face tighter oversight and higher operational demands.
Kraken has been active since 2011 and is one of the oldest US-based crypto trading platforms. An IPO from the company would be the largest public debut by a crypto exchange since Coinbase listed in 2021 and would mark a rare entry of a digital asset firm into the traditional markets after a period of reduced investor appetite.
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