Crypto Exchange Kraken Files for IPO Following $800 Million Raise

Kraken filed to go public Wednesday, the cryptocurrency exchange said, just hours after announcing a massive fundraising round valuing the company at $20 billion.

The company said it confidentially submitted a draft S-1 registration form with the SEC to make an initial public offering (IPO) on Wall Street. Kraken said it has not yet determined the number of shares it plans to offer, nor the anticipated price range for those shares.

It added that it expects the IPO to take place as soon as the SEC completes its review process, subject to market conditions.

The move has been widely anticipated since March, when the SEC, under the Trump administration’s control, dropped a lawsuit against Kraken over its staking services.

In the following months, reports circulated that the crypto exchange was aiming to raise hundreds of millions of dollars ahead of a public offering. On Tuesday, the deal materialized: a whopping $800 million fundraising round, led by major traditional finance players including Ken Griffin’s Citadel, which valued Kraken at $20 million.

The Wyoming-based exchange said the new funds will fuel a global expansion into territories beyond the United States.

Prior to President Donald Trump’s return to office in January, Coinbase was the only crypto exchange trading publicly on Wall Street. In a year of frenzied crypto-related activity in traditional finance, though, other exchanges—including Gemini and Bullish—have successfully made IPOs.

While those offerings initially blasted past Wall Street expectations, largely on crypto-related hype, they have since fizzled. Bullish, which blasted past $118 during its August IPO, has since cratered to $35.66 at writing.

Gemini, meanwhile, rattled by a poor Q3 performance, has seen its stock decline significantly from its September Wall Street debut—down over 68%, to $11.70 at writing.

Editor’s note: This story was updated after publication with additional details.