In Brief
- Kraken plans a team-building retreat in January 2025 ahead of its IPO.
- Kraken files confidentially for an IPO, valued at $20 billion.
- The company reports strong Q3 growth with a 124% rise in earnings.
Kraken is organizing a team-building retreat for its staff in January 2025, ahead of its much-anticipated U.S. IPO. The company will send its employees to a Caribbean island for the event, designed to boost morale and prepare the team for the upcoming public listing.
Alongside the retreat, Kraken has also given its employees a special one-off bonus, according to sources familiar with the plans. This comes after reports of the company cutting hundreds of jobs earlier this year, which had raised concerns within the firm.
Despite these job cuts, Kraken’s financial performance remains strong, with its revenue more than doubling in Q3 of 2024. The company posted adjusted earnings of $178.6 million, a remarkable 124% increase from the previous quarter, alongside a 23% rise in trading volume to $561.9 billion.
Kraken Confidentially Files for IPO, Valued at $20 Billion
Kraken has filed confidentially with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO), marking a significant step toward going public.
The company is currently valued at $20 billion, reflecting a 33% increase in valuation from its last funding round. This move places Kraken alongside other cryptocurrency companies, such as Circle and Gemini, which have also sought to go public under a more favorable regulatory environment in the U.S.
The firm’s S-1 filing is expected to be completed before the end of this year, with market conditions dictating the timing of the IPO. While Kraken has yet to disclose the number of shares to be offered, it is preparing for a potential public listing once the SEC completes its review process.
The company’s filing comes after securing $200 million in strategic investment from Citadel Securities, further bolstering its financial standing ahead of the IPO.
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Source: https://coincu.com/news/kraken-plans-staff-retreat-ahead/
