Crypto Exchange Kraken Confidentially Files for IPO, Eyes Listing as Early as 2026

Founded in 2011, Kraken is one of the largest U.S. cryptocurrency exchanges. A major hurdle to a listing eased after the U.S. Securities and Exchange Commission withdrew its lawsuit over alleged operation as an unregistered exchange in March 2025. Kraken raised $800 million that year at a $20 billion valuation, and its IPO is seen as an important gauge of the crypto industry's return to public markets.

Kraken confirmed on November 19, 2025, that it had confidentially submitted an S-1 registration statement to the SEC. Co-CEO Arjun Sethi later said the process was still moving forward. The number of shares to be offered and the fundraising target have not been disclosed. The company had originally planned to list as early as the first quarter of 2026, but the timing remains subject to SEC review and market conditions.