Kraken has announced it confidentially submitted a draft registration statement on Form S-1 with the US SEC regarding a proposed IPO.
In November 2025, the company raised USD 800 million across two tranches to support its mission of bringing traditional financial products on-chain. In addition, an agreement for a subsequent USD 200 million strategic investment from Citadel Securities was also executed at a USD 20 billion valuation. Following this funding, Kraken made its US IPO plans public, following a USD 500 million funding move to increase its valuation to USD 15 billion.
Kraken’s IPO journey
The number of shares to be offered and the price range of the offering are yet ot be determined, with the IPO projected to happen after the SEC completes its review process, subject to market conditions.
In September 2025, experts were speculating that the USD 500 million raised in funds was in preparation for the company’s plans to go public. This news also circulated back in July, when there were speculations that Kraken is seeking funds, a move interpreted as a step towards an IPO. However, Kraken did not file any regulatory paperwork for an IPO back then, and it had yet to submit an S-1 registration statement to the US SEC.
The interest in an IPO now may come as crypto firms are increasingly aiming to go public in the US and other markets. Gemini, for instance, was over 20 times oversubscribed in its debut, raising USD 425 million. Since going public, its market capitalisation has swelled to over USD 2.8 billion.
Figure Technology Solutions, a blockchain-driven lender, has also begun trading on Nasdaq as ‘FIGR’. The stock has since climbed more than 20%, lifting the firm’s valuation to above USD 8.4 billion. This rush comes as favourable regulatory developments form in the states, including the GENIUS Act on market structure and anti-CBDC legislation, offering greater clarity and freedom for the digital asset industry.
Kraken was founded back in 2011 and is not a popular cryptocurrency platform recognised around the world. Its clients trade digital assets, traditional assets such as US futures and US-listed stocks and ETFs, and fiat currencies, leveraging a range of products spanning the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken Onchain and the Ninja Trader retail trading platform.
