The cryptocurrency exchange, Kraken, has confidentially filed paperwork for an initial public offering in the United States.
Kraken Advances Toward Public Listing
The company, which is one of the world’s longest-operating crypto exchanges, confirmed that it submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission (SEC), marking its first formal step toward a potential listing.
The exchange said the filing was made under Rule 135 of the Securities Act, clarifying that the disclosure “does not constitute an offer to sell or the solicitation of an offer to buy any securities.” Details such as the number of shares to be offered and the expected pricing range remain undisclosed and will be determined once the SEC completes its review and market conditions align with the company’s plans.
Rising Interest in Public Markets
Kraken’s decision comes at a time when digital asset companies are re-entering public markets with renewed momentum. Industry analysts note that the exchange is seeking to capitalise on market appetite ahead of the 2026 US midterm elections, a period expected to bring heightened regulatory and political attention to the sector.
The move has drawn attention across the broader crypto community. Commenting on the filing, industry participant Ted Pillows wrote that it would be “interesting to see those listings and how they would perform,” reflecting the wider anticipation surrounding the next wave of crypto-focused IPOs.
Financial Growth and Expanding Services
Kraken’s filing follows a major funding round that raised $800 million and valued the San Francisco-based company at $20 billion. The investment included a $200 million strategic commitment from Citadel Securities, with additional participation from Jane Street and DRW Venture Capital.
Founded in 2011, Kraken has expanded into a multifaceted digital asset platform offering more than 450 cryptocurrencies, US futures, US-listed stocks and ETFs, and multiple fiat currencies. Its product suite includes Kraken Pro, Kraken Institutional, Kraken Onchain, and the Kraken App. The exchange recently highlighted the growth of tokenized equities on its centralized and decentralized venues, reporting that these assets surpassed $5 billion in value with more than 37,000 unique holders.
Strong Performance Ahead of IPO Push
The company’s recent financial results underscore its momentum ahead of a potential public listing. Kraken reported $648 million in revenue for the third quarter of 2025, representing a 50 percent increase from the previous quarter and a 114 percent rise year-on-year. According to the exchange, revenue gains were broad-based across its product verticals, though specific segment-level metrics were not disclosed.
Adjusted EBITDA reached $178.6 million during the same period, up 124 percent quarter-on-quarter. The performance lifted the company’s EBITDA margin to 27.6 percent, signalling sustained profitability at a time when digital asset trading activity is rebounding.
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