Kraken Submits Confidential IPO Filing With the US SEC

Kraken has confidentially filed a Form S-1 with the US Securities and Exchange Commission (SEC) for a proposed preliminary public providing (IPO).

The submitting locations the Wyoming-based crypto trade in the SEC’s overview course of at a time when the regulator has solely just lately returned to full operations following a 43-day authorities shutdown.

Confidential IPO Filing

Despite being its first formal step towards going public, Kraken has but to touch upon the submitting, both on its social channels or by a press launch. It had beforehand downplayed the urgency of going public. In reality, simply final week, its co-CEO Arjun Sethi acknowledged that the trade was not in a rush to pursue a list. Industry chatter about an IPO has circulated since 2024, however Wednesday’s disclosure marks the first concrete motion from the trade.

Kraken now joins a rising listing of crypto corporations pursuing public listings since President Donald Trump returned to the White House. Trading platforms Bullish and Gemini listed their shares on main exchanges in August and September, respectively. Additionally, USDC stablecoin issuer Circle additionally accomplished a serious providing in June and raised simply over $1 billion.

The newest improvement got here hours after Kraken announced securing $800 million in new funding by two separate tranches as it really works to construct out its on-chain monetary infrastructure and broaden globally. The first and bigger tranche was backed by main institutional buyers similar to Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, together with a contribution from Sethi’s household workplace.

The firm additionally signed a separate settlement for a $200 million strategic funding from Citadel Securities, which valued Kraken at $20 billion. The trade reported $1.5 billion in income in 2024 and mentioned it has already surpassed that quantity in the first 9 months of 2025.

Before this increase, Kraken had secured $27 million in main capital. Kraken disclosed that the new partnership with Citadel Securities will deal with liquidity provision, threat administration, and market construction enter. The funds can even be used to assist growth throughout Latin America, Asia Pacific, and EMEA, and assist the firm broaden its choices into new asset lessons, superior buying and selling instruments, staking, funds, and institutional providers.

Expansion So Far

In March, Kraken acquired NinjaTrader, a retail futures buying and selling platform, for $1.5 billion as a part of its push into a number of asset lessons and consumer development. The firm later launched its regulated crypto derivatives providing in Europe in May, supported by a Cyprus license obtained earlier in the 12 months.

In October, Kraken continued its growth by buying the Small Exchange from IG Group.

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