Crypto exchange Kraken has taken a concrete step toward going public by submitting a confidential draft registration statement to the US Securities and Exchange Commission (SEC) in advance of a planned initial public offering (IPO).

It completes Ark Invest’s earlier prediction that US President Trump’s administration would open a gateway for firms like Circle to go public.

Kraken Takes First Step Toward Public Listing

According to an official press release, the San Francisco–based crypto exchange has confidentially submitted a draft registration statement on Form S‑1 with the US SEC for a proposed initial public offering of its common stock.

While the number of shares and pricing have not yet been determined, the IPO is expected to proceed once the SEC completes its review, subject to market conditions.

The move marks a significant step in Kraken’s growth and reflects the increasing intersection of crypto and traditional finance, as investors await further details on the exchange’s public debut.

It comes only months after Circle’s public listing, with the latest development effectively marking the fruiting of Cathie Wood’s Ark Invest’s prediction.

In late 2024, Ark Invest stated that it viewed the then-prospective Trump administration as favorable for crypto, potentially opening up IPO opportunities for firms like Circle and Kraken. As BeInCrypto reported, Ark Invest cited pro-crypto policies and SEC reforms easing  regulatory constraints for the sector.

“Among the possibilities are…the re-opening of the initial public offering (IPO) window for late-stage digital asset companies like Circle and Kraken…,” a paragraph in the newsletter read.

Once Kraken officially goes public, its stock would join Coinbase’s COIN in the open market, which is already listed on stock exchanges.

Consequently, this establishes a precedent demonstrating that crypto firms can transition to becoming publicly traded companies in the country.