Kraken Prepares For an IPO
As the crypto industry undergoes significant changes in market conditions, regulatory frameworks, and growing institutional interest this year, Kraken is renewing its efforts to go public—a goal it has pursued since at least 2021. Insiders informed Bloomberg that the exchange aims to raise at least $100 million.
Although this information is not yet public, Kraken is expected to complete this pre-IPO funding round by the end of the year. DailyCoin reached out to Kraken for confirmation but has not yet received a response.
“We are always exploring strategic paths toward Kraken’s mission: accelerating the global adoption of crypto,” Kraken stated on Thursday. “We remain fully focused on investing in this goal.” Spokespeople indicated that the exchange is seeking a prominent company to join its board to ensure a successful IPO, possibly as early as next year. So far, these discussions have been informal, with no formal agreements in place.
Kraken’s Long Time Coming
Kraken has long expressed intentions of going public, but its ambitions have been hindered by unforeseen events such as market crashes and regulatory challenges.
While Kraken has previously resolved a case with the SEC, it currently faces another ongoing case with the regulator. The SEC alleges that Kraken has been operating as an unregistered securities broker-dealer, clearing agency, and exchange—similar charges to those brought against Coinbase, the largest US crypto exchange. Kraken has disputed these claims, arguing that the SEC’s case lacks merit and misinterprets fundamental legal concepts.
With US regulators, lawmakers, and politicians becoming more favourable towards cryptocurrency, especially as it emerges as a key issue for voters, Kraken’s path to an IPO seems increasingly feasible.
If approved, Kraken will become the second crypto exchange listed on stock exchanges, following Coinbase.