Kraken looking to raise $100 million in preparation for 2025 IPO Kraken looking to raise $100 million in preparation for 2025 IPO
People familiar with the matter told Bloomberg News that the exchange is looking for help in organizing its IPO.
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Updated: Jun. 7, 2024 at 12:50 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Kraken is reportedly planning to raise $100 million through a final funding round by the end of the year before an eventual IPO in 2025, Bloomberg News reported on June 6, citing people familiar with the matter.
The report said that Kraken is currently looking for a marquee company to join its board to help organize the IPO.ย However, discussions with companies have only involved verbal exchanges of terms and valuations without formal documentation.
Kraken did not confirm the plan and only told Bloomberg that it is “fully focused on investing” in its goal of “accelerating the global adoption of crypto.
Earlier IPO rumors
Rumors around a Kraken IPO have circulated since at least February 2021, when Bloomberg reported that the firm could go public at a $10 billion valuation.
In March, Kraken’s co-founder and then-CEO Jesse Powell confirmedย that the company was considering an IPO and called $10 billion a “low valuation.” He anticipated a 2022 IPO but emphasized that such an offering was not guaranteed.
The IPO did not come to fruition before Powell announced plans to step down as CEO and become chairman in late 2022, a transition completed in April 2023.
In November 2023, new CEO Dave Ripley declined to comment on any specific IPO plans but said the company sought private and public funding alike.
Crunchbase data indicates the firm has raised more than $30 million in over 20 funding rounds.
SEC has sued Kraken
Kraken would need to register its IPO with the SEC, which is currently embroiled in a legal tussle with the exchange.
The SEC filed a lawsuit against Kraken in November 2023, alleging that the exchange was operating as an unregistered securities exchange, broker, dealer, and clearing agency, among other concerns.
Kraken has opted not to settle and is combating the lawsuit in court.ย It is unclear how the lawsuit might impact any future Kraken IPO.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Jesse Powell is an expert in virtual currencies, online/international payments and fraud, as well as co-founder and former CEO of Kraken, one of the most trusted and largest Bitcoin exchanges in the world with number one EUR market share.
David Ripley is the CEO of Kraken, a San Francisco-based digital asset exchange.