Kraken Files IPO After $800M Fundraising at $20B Valuation

US-based cryptocurrency and digital assets exchange Kraken has confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), marking an official request to offer common stock in an initial public offering.

The number of shares on offer and the price of the initial stock offering has yet to be determined. According to a Nov. 19 blog post on the Kraken website, the IPO is expected to occur after the SEC completes its review process.

Fundraising and Expansion

Ahead of the firm’s Form S-1 filing announcement, Kraken also announced the successful completion of an $800 million fundraising effort across tranches.

The first, led by institutional investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, also included a significant commitment from Kraken Co-CEO Arjun Sethi’s family.

Meanwhile, the second tranche involved a subsequent $200 million strategic investment from Citadel Securities and, according to a Nov. 18 press release, was executed at a $20 billion valuation.

Citadel Securities will also provide Kraken with differentiated liquidity provision, risk management expertise, and market structure insights.

Kraken also said the additional capital will allow it to continue scaling global operations, deepening its regulatory foothold, and expanding its products and services. The firm also said it plans to enter new markets across Latin America, Asia Pacific, Europe, the Middle East, and Africa.

If approved, Kraken’s IPO would come amid a banner 2025 for the firm. In its most recent quarterly earnings report, the company posted third quarter revenue reaching $648 million, a company record for quarterly earnings and a marked increase of about 47% over the previous quarter’s $303.5 million.

It also posted a 124% quarter-over-quarter EBITDA increase as margins increased by 9 points to 27.6%, and the exchange’s total platform transaction volume increased by 23% for the same period to $561.9 billion. Assets on platform increased by 34% to $59.3 billion.

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