Kraken Files for IPO with SEC, Raises $800M at $20B Valuation
US-based cryptocurrency exchange Kraken has taken a major step toward going public, confidentially submitting a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). The filing signals the firm’s intention to offer common stock in an initial public offering (IPO), though the number of shares and pricing are yet to be finalized. According to Kraken’s Nov. 19 blog post, the IPO will proceed after the SEC completes its review process.
$800 Million Fundraising Boosts Growth Plans
Ahead of its IPO filing, Kraken successfully raised $800 million in funding through two tranches. The first tranche drew institutional investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, with a significant contribution from Co-CEO Arjun Sethi’s family.
The second tranche, totaling $200 million, came from Citadel Securities at a $20 billion valuation. Citadel will also support Kraken with liquidity provision, risk management expertise, and market structure insights, strengthening the exchange’s operational and strategic capabilities.
The new capital will help Kraken scale global operations, expand products and services, and strengthen its regulatory presence, while paving the way for market entries across Latin America, Asia Pacific, Europe, the Middle East, and Africa.
This expansion includes its efforts to secure a full license in the United Arab Emirates — a strategic priority as the UAE continues to position itself as a global hub for virtual asset firms. Kraken has already begun the regulatory process, and the company views the UAE as a critical market for its next phase of international growth.
Record-Breaking 2025 Performance
Kraken’s IPO announcement comes during a banner year. In its most recent quarterly earnings, the company posted $648 million in revenue for Q3 2025, a 47% increase over the previous quarter’s $303.5 million. EBITDA jumped 124% quarter-over-quarter, with margins rising to 27.6%. The exchange also reported a 23% increase in total platform transaction volume to $561.9 billion, and platform assets grew 34% to $59.3 billion.
With robust growth metrics and substantial capital backing, Kraken’s IPO could become one of the most significant public listings in the cryptocurrency sector.
