Kraken Set to Go Public as IPO Documents Are Officially Filed with the SEC

Jakarta, Pintu News – Kraken’s initial public offering (IPO) process has begun, with the crypto exchange platform filing a confidential draft S-1 with the United States Securities and Exchange Commission (SEC).

The move follows in the footsteps of Grayscale and BitGo who have also recently filed similar documents as part of their plans to become public companies in the United States.

Kraken IPO Process Starts with S-1 Draft Submission

In a blog post, crypto exchange platform Kraken announced that they have confidentially filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), regarding their planned initial public offering (IPO) of common stock. The company stated that the number of shares and price range for the offering have not yet been determined.

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Meanwhile, Kraken’s IPO is expected to take place after the review process by the SEC is completed, depending on market conditions and other factors. After the SEC provides feedback on the draft S-1, Kraken will file a public S-1 containing more detailed information about the IPO before officially listing on the exchange.

The public document will include information on the number of class A common shares to be offered, the price range, as well as other details such as the ticker and the exchange where the shares will be listed.

Kraken’s IPO filing follows Grayscale, which has also filed an S-1 form for an IPO in the US. Just like Kraken, the crypto asset manager plans to go public amid regulatory clarity and increasing crypto adoption by institutional investors. Crypto custodian company BitGo also followed suit by filing S-1 documents for its IPO.

Notably, companies such as Circle (issuer of USDC), Bullish, and Gemini had already conducted IPOs in the US earlier this year, and all offerings were oversubscribed, signaling high institutional investor interest in crypto exposure.

Kraken Raises New Funding with $20 Billion Valuation

Kraken’s IPO filing also comes just a day after the crypto exchange platform announced that it had reached an agreement to receive a $200 million strategic investment from Citadel Securities, valuing the company at $20 billion.

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The funding is part of a total fundraising of $800 million, conducted in two tranches, as part of Kraken’s strategy to accelerate the integration of traditional financial products into the blockchain ecosystem.

Institutional investors such as Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital led the first round of funding. The family office of Arjun Sethi, Co-CEO of Kraken, also participated in the funding.

This latest funding comes less than two months after Kraken raised $500 million at a valuation of $15 billion – representing a 33% increase in valuation. As such, Kraken’s IPO will likely be at a higher valuation.

As part of yesterday’s announcement, Kraken also revealed that it is aiming for $1.5 billion in revenue by 2024, and has already surpassed that figure in just the first three quarters of this year. This is a positive sign for the company ahead of its planned public listing, which is expected to take place next year.

FAQ

What is an IPO?

An IPO (Initial Public Offering) is the process by which a company sells its shares to the public for the first time through the capital market.

When will Kraken’s IPO take place?

Kraken’s IPO is expected to take place after the US Securities and Exchange Commission (SEC) completes the review process of the draft S-1 document that has been filed confidentially.

What was Kraken’s valuation in the run-up to the IPO?

Kraken recently received $200 million in strategic funding from Citadel Securities at a company valuation of $20 billion.

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Reference:

• BeInCrypto. Kraken Confidential IPO Filing. Accessed on November 20, 2025
• Coingape. Kraken Files Confidential Draft Registration Statement for U.S. IPO with SEC. Accessed on November 20, 2025