Kraken Files Confidentially for an IPO
Date: 2025-11-21 Author: Gabriel Deangelo Categories: BUSINESS
Cryptocurrency exchange Kraken announced it has filed confidentially with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). The specific timing of the market launch has not yet been determined.
Rumors about Kraken's plans to go public began circulating as early as March 2025, when it was anticipated that the IPO could take place in the first quarter of 2026. The company has now revived this idea amid changes in the U.S. regulatory environment.
In recent months, Kraken has been actively raising capital, and its latest round valued the company at $20 billion. Interestingly, shortly before the filing, Kraken CEO Arjun Sethi stated that the company was not planning an IPO, as additional funds were not currently required.
Since the application was filed confidentially, there is no information yet regarding the issue size, price range, or participants in the offering. These steps typically precede formal public disclosure.
The process from filing a confidential application to a public offering can take several months. For example, the Gemini exchange filed a similar application in March 2025 and officially announced its IPO only in August of that year.
Kraken emphasized that the IPO is dependent on regulatory approval and current market conditions. Polymarket users predict that the IPO could occur before the end of March 2026, with a 73% probability.
Thus, Kraken officially confirms its intention to go public, but the final decision on the IPO date and terms will depend on regulatory requirements and market conditions.
