US crypto exchange Kraken has taken a decisive step towards an IPO with a confidential S-1 registration with the SEC.
• Crypto giant Kraken prepares to go public in New York
• This was preceded by an 800 million dollar financing and 20 billion valuation
• Wave of crypto IPOs since Trump returned to the White House
Kraken has filed a confidential S-1 registration document with the US Securities and Exchange Commission (SEC), according to BTC Echo. This step marks the last formal starting point before an IPO becomes concrete. As is usual with confidential filings, details on the schedule, number of shares and price range are still missing.
The further process now depends very much on the completion of the SEC review process and the general market mood. Previous reports suggested a possible stock market debut in early 2026, while current momentum suggests a potentially faster development.
Massive financing round with strategic partnership
Just days before the SEC filing, Kraken closed an impressive funding round. The crypto exchange raised $800 million in two tranches, including a $200 million strategic investment from Citadel Securities.
This capital raising catapults Kraken’s valuation to $20 billion. For comparison: Coinbase, the second largest crypto exchange behind Binance, currently has a market capitalization of $64 billion, while Kraken is currently the 14th largest crypto exchange by trading volume according to “Trending Topics”.
Kraken wants to expand
The support from partner Citadel Securities, one of the largest market makers in the world, promises important improvements for Kraken in the areas of liquidity, risk management and market structure. This is intended to strengthen the operational strength and market position of the US crypto exchange in the long term.
With the fresh capital, Kraken plans to expand globally, particularly in Latin America, Asia-Pacific, Europe, the Middle East and Africa. In addition, the regulated offering and product range are to be expanded – also through takeovers.
Part of a crypto IPO wave after Trump’s re-election
Kraken’s IPO preparation follows a notable resurgence in crypto IPO activity. Following President Donald Trump’s return to the White House, several companies from the crypto sector have already dared to go public.
The trading platforms Bullish and Gemini Space Station completed their IPOs in August and September 2025, respectively. Stablecoin issuer Circle has also already taken the step to go public in 2025, which could indicate a favorable environment for crypto companies.
Background: Kraken’s business model
The US trading platform Kraken, founded in 2011, enables trading of digital assets such as Bitcoin, Ether, Solana and XRP (Ripple). For customers in the European Union, the platform also offers trading in tokenized stocks.
The IPO would make Kraken one of the most prominent publicly traded crypto companies and could further drive mainstream adoption of digital currencies.
Editorial team finanzen.net
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