Kraken exchange may be the next crypto firm to go public, after Justin Sun’s Tron and Jeremy Allaire’s Circle recently.
The IPO (Initial Public Offering) flywheel continues accelerating, with more crypto firms following the trend.
Crypto IPO Momentum Builds: Kraken Positions as Next Big Debut
In November 2024, Cathie Wood’s Ark Invest saw an IPO window for two crypto-related firms under Trump, Circle and Kraken exchange.
“Among the possibilities are…the re-opening of the initial public offering (IPO) window for late-stage digital asset companies like Circle and Kraken…,” read a paragraph in the newsletter.
Fast-forward nine months, Circle has already gone public, and now Kraken’s IPO is in the pipeline. Reports indicate that the US-based crypto exchange is seeking $500 million in funding at a $15 billion valuation for its IPO rails.
BeInCrypto saw it coming. A cryptic video on May 17 raised speculation after revealing the symbol KRAK in the caption “KRAK the World” without providing any context.
This post hinted that the exchange was either considering a possible public listing, launching a native token, or both.
Beyond the speculation, Bloomberg hinted at a Kraken IPO in early 2026, citing a friendlier regulatory environment under President Trump. This followed former US President Joe Biden’s administration, alongside Gary Gensler’s tenure, stifling IPO ambitions for several crypto firms, including Kraken and Gemini.
However, under President Trump, regulatory actions against Gemini and Kraken, among other crypto firms, dropped. This set the tone for public listings, with more industry firms now seeing an opportunity to enter public markets.
Moreover, the FBI recently ended its crackdown against Kraken founder Jesse Powell.
Kraken’s financial highlights for 2024 revealed revenues reaching $1.5 billion and adjusted earnings of $380 million. The firm also showed $472 million in Q1 2025 revenue, up 19% YoY, and a 29% trading volume jump.
While the US-based crypto exchange has not made any formal filing, it has already laid some groundwork. These include cutting staff, streamlining operations, and expanding into stock and derivatives trading.
Elsewhere, crypto custody firm BitGo recently filed for an IPO, although confidentially, following Circle’s debut and filings by Bullish and Grayscale.
Circle’s IPO highlighted the wealth generated through early-stage investments and its exclusivity to institutional investors. Its IPO momentum could help it challenge Tether’s dominance in the stablecoin market.
Similarly, Kraken’s prospective IPO could boost its ranks in the US stablecoin market against peers like Coinbase and Binance.US.
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