Kraken IPO: Initial public offering apparently imminent

Kraken is taking the next big step towards its initial public offering (IPO). According to a press release, the US cryptocurrency exchange has filed a confidential S-1 registration document with the SEC – the final necessary formal step before an IPO can become a reality.
Co-CEO Arjun Sethi recently emphasized restraint: The company is “financially sound” and “under no pressure to go public.” While the regulatory environment has become significantly more favorable, an IPO remains an optional strategic step.
This follows directly on from the new valuation of $20 billion. Just on Tuesday, Kraken raised $800 million in two funding rounds – including a $200 million strategic investment from Citadel Securities. The market-making firm will support Kraken in expanding its liquidity, risk management, and market structure.
Jane Street, DRW Venture Capital, Tribe Capital and the family office of co-CEO Sethi also participated in the round.
With the new capital, Kraken plans an aggressive expansion in Latin America, Asia-Pacific, Europe, the Middle East, and Africa. The company is also considering targeted acquisitions in the regulated sector.
Details regarding timing, number of shares, or price range are missing from the S-1 filing, as is typical for confidential submissions. The further process depends heavily on SEC feedback and market sentiment. Previous reports suggested a possible Kraken debut in 2026.

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