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.
While the company has yet to disclose the number of shares it plans to offer or an anticipated price range, the confidential submission allows the company to continue preparing for a Wall Street debut while keeping key details under wraps.
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 uncertainty amidst SEC lawsuit
The filing comes after a period of regulatory uncertainty. In March, the SEC dropped a long-running lawsuit against Kraken over its staking services.
The SEC’s alleged that the cryptocurrency exchange operated as an unregistered securities exchange, broker, dealer, and clearing agency, violating securities laws by, among other things, offering crypto staking services and trading specific crypto assets that the SEC deemed securities.
That ruling appears to have cleared the way for the exchange to accelerate its growth and consider a public listing.
Kraken’s confidential filing aligns with a broader resurgence of crypto IPO activity in the U.S., following listings from firms like Bullish, Circle, Gemini, and Grayscale.
The SEC review process, alongside market conditions, will dictate the timing of the offering. Until the S-1 is made public, details on valuation metrics, financial performance, and share pricing remain undisclosed.
Earlier this year, Mastercard announced a major partnership with Kraken, enabling users in the UK and Europe to spend crypto (including Bitcoin and stablecoins) at over 150 million merchants that accept Mastercard.
