Kraken Joins Wave of Crypto Firms Filing to Go Public — WSJ
By Vicky Ge HuangCrypto exchange Kraken said on Wednesday that it plans to go public.The company detailed its plans to regulators through a confidential filing with the Securities and Exchange Commission. It didn't disclose a timeframe, though some crypto-market watchers have said they expect a deal sometime next year.The news came after Kraken said on Tuesday that it had raised $800 million from institutional investors-including $200 million from Citadel Securities-at a $20 billion valuation.The fundraise also attracted participation from several prominent investors, including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital, and Kraken Co-CEO Arjun Sethi's family office.Kraken said it generated $1.5 billion in revenue in 2024 and its revenue for the first three quarters of 2025 has already eclipsed that full-year total. On its IPO, Kraken said it hasn't yet determined the number of shares to be offered or the price range.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).