- Kraken has filed to go public.
- The date of the IPO is not set.
- It now has a valuation of $20 billion.
Kraken is planning to go public.
One of the world’s biggest crypto exchanges has confidentially filed with the US Securities and Exchange Commission for an initial public offering of its common stock, according to the company.
Kraken didn’t set a time for when the IPO will happen, but only said it expected it “to occur after the SEC completes its review process, subject to market and other conditions.”
Previous reports have predicted that Kraken would go public in the first quarter of 2026.
Co-CEO Arjun Sethi has publicly dodged the questions about Kraken’s plans to go public, telling DL News in September that the crypto exchange was in no rush to follow rival exchanges Gemini and Bullish to file for an IPO.
“If we were a part of what I call the pack of companies that have FOMO to go public, then we would have already filed,” he told DL News.
Kraken said it had not determined how many shares it planned to offer and at what price.
$20 billion valuation
The announcement comes hot on the heels of Kraken revealing that it had secured $200 million in a strategic investment from Citadel Securities at a $20 billion valuation.
Fortune was first to break the news.
The round comes shortly after Kraken closed an earlier round of financing in September in which it raised $600 million at a $15 billion valuation.
The investments reflect “years of work, discipline, and conviction,” Sethi said on LinkedIn. “I am proud of our team and grateful for the partners who chose to join us.”
“This journey has never been about being right in a single moment,” he continued. “It has always been about staying right over the long run.”
The new valuation puts it ahead of rivals Bullish and Gemini, who trade at $5.2 billion and $1.3 billion market caps, respectively.
Long time coming
The news that Kraken has filed a draft registration statement on Form S-1 with the SEC is seemingly the culmination of years of hints that the exchange is planning a float.
Kraken even hinted as far back as 2021 that it planned to go public, but those plans were delayed due to market downturns and conflicts with the SEC during the Biden administration.
Eric Johansson is DL News’ managing editor. Got a tip? Email at eric@dlnews.com.
