TLDR
- Kraken has confidentially filed to go public in the United States
- The crypto exchange recently raised $800 million at a $20 billion valuation
- Citadel Securities contributed $200 million to the funding round
- Kraken joins other crypto companies including Bullish, Gemini Space Station, and Circle in going public
- The company plans to use funds to expand internationally and develop payment services
Kraken has confidentially filed paperwork to go public in the United States. A person familiar with the matter confirmed the filing to CNBC on Wednesday.
The company declined to comment on when the IPO might happen. The filing comes shortly after Kraken secured new funding from investors.
JUST IN: Kraken submits confidential draft for IPO pic.twitter.com/w7r9Krgfft
— Kalshi Ecosystem (@KalshiEco) November 19, 2025
Kraken recently closed an $800 million funding round. The round valued the company at $20 billion.
Citadel Securities invested $200 million as part of the funding. The securities firm’s participation marks a connection between traditional finance and crypto markets.
The exchange was founded in 2011. It operates as a US-based platform for trading digital assets.
Kraken allows users to trade bitcoin and ether. The platform also offers other cryptocurrency trading services.
Expansion Plans
The company plans to use the new capital for international growth. Kraken wants to expand its presence in foreign markets.
Payment services development is also a priority. The funds will support building out these financial tools.
Kraken offers tokenized equities trading to clients in the European Union. This service allows EU customers to trade stock tokens on the platform.
Recent Crypto IPO Activity
Several crypto companies have gone public in recent months. Bullish listed its shares on a major stock exchange in August.
Gemini Space Station followed with its listing in September. Circle completed a large IPO in June.
Circle raised just over $1 billion in its public offering. The stablecoin issuer’s IPO was one of the larger crypto-related listings.
The wave of crypto companies going public started after Donald Trump returned to the White House. Trump began his current presidential term in January 2025.
IPO activity has increased across the US market in 2025. The crypto sector has participated in this broader trend.
Kraken ranks among the world’s largest cryptocurrency exchanges. The platform handles trading volume from customers around the globe.
A Kraken spokesperson confirmed the company would not provide details about IPO timing. The confidential filing process allows companies to keep certain information private until closer to the listing date.
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