Kraken Preparing to Raise $100 Million Before IPO
Date: 2024-06-07 Author: Oliver Abernathy Categories: BUSINESS
The American cryptocurrency exchange Kraken plans to conduct a new round of financing aimed at attracting $100 million by the end of 2024. This will be the final step before the much-awaited initial public offering (IPO).
Purpose of the Funding Round
According to information provided by Bloomberg, Kraken decided on a new funding round amid increased interest from investors. The exchange intends to raise $100 million to strengthen its position ahead of the IPO, which it plans to hold in 2025.
Context and Motivation
The authors of the article argue that the desire to raise capital is associated with a rally in digital assets, which has created high demand for investment in cryptocurrency companies. The growth of the cryptocurrency industry is pushing investors to participate in projects like Kraken.
“We are constantly exploring strategic ways to achieve our mission of accelerating the global adoption of cryptocurrencies. The firm remains fully focused on investing in achieving this goal,” Kraken representatives previously said.
IPO plans
After completing the current funding round, the company will shift its focus to preparing for an IPO. Representatives of Kraken intend to obtain permission from the US Securities and Exchange Commission (SEC) to issue shares.
According to journalists, Kraken is also searching for a large company that can help with its IPO. A representative of this company will join the board of directors of the platform, which will contribute to a successful entry into public markets.
At this stage, negotiations are preliminary and include oral discussions and assessments. However, once the fundraising is completed, the process intensifies. The company plans to hold an IPO in 2025 to reach a new level of development.
No Comments
At the time of writing, representatives of the Kraken exchange have not provided official comments about the new round of financing. Nevertheless, investor interest in the exchange and desire for further growth remain obvious.
Cryptocurrency exchange Kraken is gearing up for a new phase of its development, raising $100 million in its latest pre-IPO funding round. This move will strengthen the company's position in the market and prepare it for a successful initial public offering in 2025.
Let us recall that Kraken previously announced the listing of memecoins BODEN and TREMP, which also indicates its desire to expand its offerings and attract new users.
