Another crypto giant is heading for an IPO; Kraken has filed for an IPO with a valuation of $20 billion.

Kraken, a major cryptocurrency exchange, has confidentially filed for an IPO with the SEC, following an $800 million funding round that valued the company at $20 billion.

The funding round was completed in two phases, led by investors including Jane Street, Tribe Capital, and a strategic investment from Citadel Securities.
Recent financial performance is strong, with Q3 revenue of $648 million (a 47% increase quarter-over-quarter) and a platform transaction volume of $561.9 billion.
Prior to the IPO filing, Kraken expanded through acquisitions, such as the CFTC-regulated Small Exchange, to strengthen its compliance and product offerings.
The company plans to use the new capital for global expansion into Latin America, Asia Pacific, Europe, the Middle East, and Africa, and to diversify its product lineup beyond cryptocurrencies.
According to prediction market Polymarket, there is a 69% probability that Kraken will complete its IPO by March 31, 2026.

Author: Chloe, ChainCatcher

On November 19, Kraken, a well-known cryptocurrency exchange, officially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), proposing to issue ordinary shares. The number of shares and the price range have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, with the specific timing depending on market conditions and other factors.

The day before the company filed its S-1 form, Kraken also announced the completion of a two-stage financing round totaling $800 million, valuing the company at $20 billion.

Prior to its IPO, Kraken had already undertaken numerous global expansion initiatives. Just last month, Kraken announced a $100 million acquisition of Small Exchange, a designated contract market regulated by the Commodity Futures Trading Commission (CFTC) in the United States. This move not only expanded Kraken's compliance footprint but also aimed to strengthen its IPO plans. The filing of this application demonstrates Kraken's confidence in the market timing.

The company will deepen its global expansion after completing an $800 million financing round.

In recent years, Kraken has expanded to multiple markets globally, offering trading in over 450 digital assets, traditional futures, stocks, ETFs, and various fiat currencies. Its product line includes the Kraken App, Kraken Pro, and Kraken Institutional, catering to both retail and institutional users.

According to Kraken's Q3 financial report, the company achieved revenue of $648 million in the third quarter, a 47% increase from the previous quarter; EBITDA increased by 124%, with a profit margin of 27.6%; platform transaction volume reached $561.9 billion, a 23% increase; and total assets reached $59.3 billion, a 34% increase. These strong results laid the foundation for its financing and IPO.

Looking back at the details of this financing round, Kraken's $800 million fundraising was completed in two phases. The first phase was led by institutional investors, including well-known institutions such as Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, with financial support from the family office of Kraken co-CEO Arjun Sethi, valuing the company at $15 billion. The second phase involved a $200 million strategic investment from Citadel Securities, valuing the company at $20 billion.

This funding round also boosted Kraken's valuation to $20 billion. For comparison, Coinabse currently has a publicly disclosed market capitalization of $69.4 billion and third-quarter revenue three times that of Kraken, while Ripple's valuation in its funding round last month was $40 billion.

According to official reports, Kraken plans to use the funding to expand its global operations, including entering emerging markets in Latin America, Asia Pacific, Europe, the Middle East, and Africa, while also expanding its product offerings beyond cryptocurrencies.

In recent months, Kraken has integrated US futures trading (through the acquisition of NinjaTrader), launched stock and tokenized stock trading, and the global payments, savings, and investment app KRAK, with the goal of fully on-chaining its traditional financial product line.

Polymarket predicts Kraken will complete its IPO by the end of March next year.

Yesterday, Kraken, through Payward Inc., filed a draft S-1 form with the SEC, proposing a public offering of common stock. While the number of shares and price range have not yet been determined, this confidential filing allows the company to conduct internal preparation and review without immediately disclosing details. The IPO is expected to proceed after the SEC completes its review, depending on market conditions.

Kraken has long aspired to go public. In early 2021, co-founder Jesse Powell revealed that Kraken aimed for an IPO in early 2022. While its main competitor, Coinbase, went public four years ago, Kraken has yet to take any concrete steps. This filing demonstrates Kraken's confidence in market timing, especially given the improving regulatory environment.

On X, @baeko_02 shared Polymarket's forecast market data, which, based on historical data, shows that Bullish went public 2 months after filing for an IPO, Gemini took about 6 months, and the market expects Kraken's IPO to be a major event in early 2026.

According to the latest data from Polymarket, traders predict that Kraken has only a 4% chance of completing its IPO by December 31 this year, compared to 69% by March 31, 2026, reflecting the market consensus on Kraken's IPO timeline.