Kraken has finally moved into the IPO lane after years of speculation, submitting a confidential draft S-1 to the U.S. Securities and Exchange Commission.
Key Takeaways:
Kraken has confidentially filed a draft S-1 with the SEC, signaling its first official step toward a U.S. IPO.
The filing follows a fresh $800 million raise, pushing the exchange’s valuation to $20 billion.
Crypto IPO momentum is accelerating, with Kraken joining firms like Circle, Gemini, Bullish, and Grayscale in moving toward public listings.
The filing indicates that the exchange now has formal plans to access public markets, though the timeline for listing will depend on the SEC’s review and broader market conditions.
The decision comes immediately after Kraken secured a major funding boost, raising $800 million over two tranches and lifting the firm’s valuation to about $20 billion. While the confidential filing omits details on pricing or share count — as expected — it marks the company’s most concrete step toward going public.
This move unfolds during a renewed push from crypto firms eager to tap U.S. capital markets. Bullish, Circle, and Gemini have already gone public this year, and Grayscale is actively pursuing a listing on the New York Stock Exchange. The climate under the Trump administration has accelerated confidence across the digital-asset sector, encouraging more established players to enter the public arena.
Founded in 2011, Kraken is one of crypto’s longest-running exchanges. Its platform now supports more than 450 digital assets, futures, equities, ETFs, and services tailored for institutional clients. Earlier reports suggested Kraken was eyeing early 2026 for a debut — a target that now appears well within reach.
With its confidential filing, Kraken has quietly signaled that it intends to join the next wave of major crypto companies transitioning into the public markets.
