Kraken Confidentially Files for US IPO

Kraken, a leading cryptocurrency exchange, has confidentially filed a draft registration with the U.S. Securities and Exchange Commission for an initial public offering, positioning it to join peers like Coinbase and Gemini on Wall Street. The announcement, made on November 19, underscores the maturing digital asset sector amid a supportive regulatory landscape.

The filing follows months of speculation and comes shortly after Kraken disclosed a $20 billion valuation, a 33 percent increase from its $15 billion assessment in September. The company raised $800 million across two funding tranches to fuel expansion, with the primary round led by institutional investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital. Co-CEO Arjun Sethi's family office also contributed significantly. Separately, Citadel Securities made a $200 million strategic investment, supporting liquidity provision, risk management, and market structure enhancements.

Kraken reported $1.5 billion in revenue for 2024 and has already surpassed that amount in the first three quarters of 2025. The firm, founded in 2011, operates profitably and serves...