Kraken files for IPO
Crypto exchange Kraken has confidentially filed for a U.S. initial public offering, confirming earlier reporting and signalling selective reopening of the IPO market for fintechs. Company executives publicly confirmed the filing on April 14 as the firm prepares for a potential listing. (cnbc.com) (pymnts.com)
Kraken said on April 14 that it has confidentially filed for a United States initial public offering. (cnbc.com) Co-chief executive Arjun Sethi confirmed the filing at Semafor’s World Economy Summit in Washington, and Semafor reported the company first submitted the paperwork late in 2025. (semafor.com) A confidential filing lets a company send draft offering documents to the Securities and Exchange Commission before making them public, giving it time to answer regulator comments and wait for market conditions. (dfinsolutions.com) Kraken’s timing follows a choppy stretch for crypto listings. CNBC reported less than a month ago that the exchange had frozen its initial public offering plans during a market slump that left bitcoin about 40% below its October peak. (cnbc.com) The company also enters the process at a lower price tag than it carried a few months ago. CNBC and Semafor reported Kraken’s valuation has fallen to about $13.3 billion from $20 billion in November 2025. (cnbc.com) (semafor.com) Part of that valuation reset showed up in a new secondary deal on April 14. Deutsche Börse said it agreed to buy a $200 million stake in Payward, Kraken’s parent, for a 1.5% fully diluted ownership position, subject to regulatory approval. (bloomberg.com) Kraken has been giving public-market investors more numbers to work with. In its 2024 financial release, the company said revenue rose 128% to $1.5 billion, adjusted earnings before interest, taxes, depreciation and amortization reached $380 million, and trading volume hit $665 billion. (blog.kraken.com) That disclosure also showed the scale Kraken would be taking into an offering. The company said customers held $42.8 billion of assets on the platform across 2.5 million funded accounts at the end of 2024. (blog.kraken.com) A filing does not set a date, price range, or ticker symbol, and companies can still delay or abandon an offering after submitting draft papers. For now, Kraken has moved from private planning to a formal review process with the Securities and Exchange Commission. (dfinsolutions.com)
