Kraken, a long-standing cryptocurrency exchange, has confidentially submitted a draft S-1 registration to the US Securities and Exchange Commission, advancing toward a potential initial public offering. This move follows the company's recent disclosure of a $20 billion valuation after raising $800 million. The filing highlights growing interest in crypto firms accessing US capital markets.
Kraken announced on Wednesday that it has confidentially filed a draft S-1 with the SEC, formally entering the US IPO process after years of speculation. The submission comes just days after the California-based exchange revealed its new $20 billion valuation, achieved through $800 million raised in two tranches over two months.
Founded in 2011, Kraken operates as one of the oldest crypto trading platforms, offering more than 450 digital assets along with US futures, equities, ETFs, and institutional services. The filing does not specify details on timing, share count, or pricing, as these will depend on the SEC's review and market conditions.
Previous reports suggested Kraken was aiming for an IPO debut in early 2026. This step occurs amid a resurgence in crypto IPO activity, spurred by President Donald Trump’s return to the White House. Other firms, including Bullish, Circle, and Gemini, have gone public earlier this year, while Grayscale moved to list on the New York Stock Exchange earlier this month. These developments reflect a broader push to integrate the digital asset industry into public markets.