According to Bloomberg, which cited people familiar with the matter, cryptocurrency exchange Kraken is considering an initial offering (IPO) before the first quarter of 2026, as the company believes that the regulatory environment in the United States has changed sufficiently to make public listing feasible. The latest market dynamics and related progress of Kraken's IPO plan can be summarized as follows:
I. IPO Timeline and Latest Progress
Scheduled to listed in the first quarter of 2026
According to the news on March 8, 2025, Kraken is advancing its IPO, aiming to complete the initial public offering as early as the first quarter of 2026. Previously, the exchange had multiple reports of listing plans, but were postponed multiple times due to regulatory and legal issues.
IPO Pre-funding Plan
To prepare for the listing, Kraken has launched financing negotiations at the end 2024, aiming to raise more than $100 million. This round of financing is expected to be used to optimize the balance sheet, respond regulatory pressure, and expand the business.
II. Key Challenges and Background
Regulatory Litigation Risk
Kraken is still facing litigation from the U.S. Securities Exchange Commission (SEC). In November 2023, the SEC accused it of operating as an unregistered exchange and suspected of improperly commingling customer funds and the related cases may affect the IPO process.
Industry Benchmarking and Competition
If successfully listed, Kraken will become the second major cryptocurrency exchange to be listed in U.S. capital market after Coinbase (listed in 2021). At the same time, other competitors such as BitGo, Gemini, and Bullish also preparing for IPOs, and the industry may be facing a wave of listing.
Positive Policy Environment
The Trump administration has publicly supported the cryptocurrency industry and has pushed the improvement of relevant regulatory frameworks, which may create a more friendly policy environment for the listing of companies like Kraken.
III. Business and Market Dynamics
Business Expansion In recent years, Kraken has actively expanded its global market, such as through its subsidiary Kraken Securities to layout the U.S. and UK stock trading services, has obtained compliance licenses in Spain, Ireland, and other places.
>Financial Performance: Kraken's estimated revenue in 2024 is $1 billion to $ billion, which is still relatively small compared to Coinbase's $5.9 billion revenue scale, but its user base continues to grow. With the rise in cryptocurrency prices year, Kraken's business has been growing. Kraken reported earlier this year that the company's revenue more than doubled in 2024 to $15 billion, with adjusted earnings of $380 million. The largest U.S. cryptocurrency exchange, Coinbase Global Inc., had revenue of about $6.6 last year.
IV. Potential Risk Warnings
The uncertainty of the outcome of the SEC lawsuit may delay the IPO timeline.
>The volatility of the cryptocurrency market may affect valuation expectations.
>Increased industry competition (such as the Coinbase, Bitstamp acquisition case) or divert investor attention.
>It is recommended to continue to pay attention to Kraken financing progress, the progress of the SEC case, and industry policy changes to obtain the latest dynamics.
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