Kraken Files For IPO After $20 Billion Valuation

"Kraken, one of the longest-running crypto exchanges, has taken a major step toward going public, filing for a U.S. initial public offering (IPO) through its parent company, Payward, Inc. The draft S-1 registration statement was submitted to the Securities and Exchange Commission (SEC), formally placing Kraken in the IPO pipeline. The confidential filing follows an $800 million fundraising round completed on Tuesday, which valued Kraken at $20 billion."

"The round, raised over two months in two tranches, was led by major traditional finance investors, including Citadel, the hedge fund founded by Ken Griffin. Kraken had initially planned a $500 million IPO at a $15 billion valuation in July, which it executed successfully in September, but the company later revealed that the exchange had actually raised $800 million."

"Founded in 2011, Kraken allows trading across more than 450 digital assets, U.S. futures, equities, ETFs, and multiple fiat currencies. The platform also serves institutional clients through Kraken Institutional and offers staking, custody, and advanced portfolio management tools. The company has positioned itself not only as a crypto-native exchange but also as a multi-asset brokerage competitor, a theme likely to feature in investor materials once the S-1 becomes public."

Kraken submitted a draft S-1 registration statement to the SEC through parent Payward, Inc., advancing toward a U.S. IPO while keeping offer details confidential. The confidential filing followed an $800 million fundraising round that valued Kraken at $20 billion and attracted major traditional finance investors, including Citadel. The company did not disclose share count or price range in the filing. Kraken, founded in 2011, supports trading across more than 450 digital assets, futures, equities, ETFs, and multiple fiat currencies, serves institutional clients, and offers staking, custody, and portfolio tools amid prior regulatory uncertainty related to SEC litigation.

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