Kraken files for IPO after valuation drop, new funding

Kraken confidentially filed for an IPO after its valuation dropped to $13.3B, securing major new investments and reaffirming its public listing plans despite earlier delays and market volatility.

Kraken, a San Francisco-based cryptocurrency exchange, has confidentially filed for an initial public offering (IPO), as confirmed by co-CEO Arjun Sethi at the Semafor World Economy event in Washington, D.C. This decision follows previous delays due to volatile market conditions and comes after a notable decrease in valuation—from a peak of $20 billion in late 2025 to $13.3 billion following a recent funding round. Major investors in the latest round include Citadel Securities and Deutsche Börse Group, with the latter acquiring a 1.5% fully diluted stake for $200 million. Despite pausing IPO plans in March 2026 amid declining crypto prices and trading volumes, Kraken remains committed to going public. The company continues to expand its offerings for both retail and institutional clients, aiming to make advanced trading tools more accessible. Kraken also secured a master account with the Federal Reserve Bank of Kansas City, granting direct access to U.S. payment systems. In 2025, revenue reportedly rose by 33%, surpassing $2.2 billion.