PANews reported on March 8 that according to Bloomberg, people familiar with the matter revealed that Kraken, formally known as Payward Inc., is seeking to go public as early as the first quarter of next year. Kraken reported earlier this year that its revenue would more than double to $1.5 billion in 2024, with adjusted earnings of $380 million. Kraken was founded in 2011 and raised only about $27 million in initial capital.

Kraken is one of many cryptocurrency companies preparing to go public as the crypto industry’s initial public offering market opens. Other companies considering listings include stablecoin issuer Circle, digital asset custodian BitGo, and cryptocurrency exchanges such as Gemini and Bullish.