Kraken, recognized as one of the leading global crypto exchanges, has taken significant steps toward going public in the United States. According to an individual briefed on the matter, Kraken has confidentially submitted paperwork to pursue an initial public offering (IPO), as reported by CNBC on Wednesday.
A representative for Kraken refrained from commenting on the timeline for their IPO ambitions.
Kraken's move marks the most recent attempt by a cryptocurrency company to enter the public market, coinciding with the return of Donald Trump to the U.S. presidency. In recent months, other notable crypto trading platforms such as Bullish and Gemini Space Station have successfully listed themselves on major stock exchanges in August and September, respectively. Additionally, in June, stablecoin issuer Circle achieved a remarkable IPO, raising over $1 billion.
This flurry of crypto-related public listings aligns with the resurgence of IPO activities in the U.S. throughout the year.
Founded in 2011, Kraken is a U.S.-based platform enabling trading of digital assets like bitcoin and ether. It also provides tokenized equities trading services to clients within the European Union.
In a recent funding round, Kraken secured $800 million, reaching a valuation of $20 billion. This included a $200 million investment from Citadel Securities, as confirmed in a company statement on Tuesday. The funds are earmarked for global expansion, particularly in foreign markets, and enhancing its payment services.