- Kraken files a draft S-1 with the SEC as it moves toward a U.S. public listing.
- The exchange hits a new $20 billion valuation after an $800 million funding round.
- Institutional investors back Kraken as crypto IPO activity increases in the U.S.
Kraken has taken its most decisive step toward a public listing, filing a confidential draft S-1 with the U.S. Securities and Exchange Commission (SEC) shortly after securing a new $20 billion valuation. The move formally places the Wyoming-based crypto exchange into the U.S. IPO queue at a time when digital asset companies are accelerating efforts to access mainstream capital markets.
Kraken: A Confidential Filing That Sets the Stage
Payward Inc., the parent company operating as Kraken, submitted the draft registration statement on Form S-1, confirming years of industry speculation about a possible listing. The submission does not outline the number of shares the company plans to offer or the price range.
Those details will be determined after the SEC completes its review process. According to the exchange’s announcement, the IPO will take place only after regulators finalize their assessment and market conditions align.
The filing follows recent confidential submissions by other major crypto firms, including Grayscale and BitGo, signaling growing momentum for U.S.-based digital asset companies preparing to go public. Kraken disclosed on Nov. 19, highlighting that the submission complies with Rule 135 under the Securities Act and does not constitute an offer to sell securities.
A Fresh $20B Valuation Fueled by Institutional Capital
The S-1 filing arrived just one day after Kraken revealed it had raised $800 million across two funding tranches. The raise pushed the company’s valuation to $20 billion, up from $15 billion less than two months earlier, an increase of roughly 33%.
The funding was anchored by several institutional names:
- Jane Street
- DRW Venture Capital
- Oppenheimer Alternative Investment Management
- HSG
- Tribe Capital
A separate $200 million strategic investment from Citadel Securities finalized the valuation. The addition of Citadel strengthens Kraken’s ties to traditional finance and broadens collaboration across liquidity, market structure, and risk-management capabilities.
Kraken also confirmed that it generated $1.5 billion in revenue in 2024 and surpassed that figure within the first three quarters of 2025. In Q3 2025 alone, the company recorded $648 million in revenue and nearly $200 million in adjusted EBITDA, underscoring significant year-over-year growth ahead of a potential public debut.
Strengthening Product Depth Ahead of a Public Debut
Founded in 2011, Kraken is one of the longest-operating crypto trading venues in the U.S. Its platform supports trading in more than 450 digital assets, alongside U.S. futures, equities, ETFs, and fiat currencies.
The exchange has made several strategic acquisitions over the past year to broaden its services:
- NinjaTrader was acquired for $1.5 billion in May 2025
- Small Exchange added to expand derivatives offerings
- Continued investment in staking, tokenized real-world assets, and institutional tools
Kraken said the new funding will support expansion into Latin America, Asia-Pacific, and EMEA markets, alongside upgrades to regulatory licensing efforts and potential additional acquisitions.
Rising Crypto IPO Activity Creates a New Market Cycle
Kraken’s filing comes during a resurgence of U.S. crypto IPO activity. Companies including Circle, Bullish, Gemini, and Grayscale have either completed or initiated their public-listing processes this year. Many of these offerings were oversubscribed, indicating heightened investor appetite for digital-asset exposure.
The exchange’s move also follows a shifting regulatory environment in the U.S. Recent legislative discussions and renewed policy focus under the Trump administration have encouraged more crypto firms to pursue listings, aiming to secure access to public capital markets before the 2026 election cycle.
The SEC’s review timeline will ultimately determine when Kraken moves to a public S-1. Previous reports suggested the company was eyeing early 2026, though no formal timeline has been confirmed.
