Crypto exchange Kraken preparing for IPO in 2026

CRYPTOCURRENCY exchange Kraken is readying to go public amid a friendlier regulatory climate in the US under President Donald Trump.

Known officially as Payward, Kraken is seeking to go public as soon as the first quarter of next year, according to sources with knowledge of the matter who asked for anonymity because the decision has not been made public. The plans could still change before then, one of the sources said.

“We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves and we are going to continue to prioritise going forward,” Kraken said in response to a query from Bloomberg News. “We will pursue public markets as it makes sense for our clients, our partners and shareholders.”

Kraken has had ambitions to go public for several years, but those plans were derailed in part by a slew of regulatory enforcements against the company – and other crypto firms – under the Biden administration. Kraken settled one case from the US Securities and Exchange Commission and continued to fight another case until the agency agreed to drop it, with no charges or penalties, Kraken announced earlier this month.

Unlike his predecessor, Trump has been supportive of the crypto industry, and is meeting two dozen of its leaders – including Kraken co-chief executive officer Arjun Sethi – at the White House on Friday.

As cryptocurrency prices rallied last year, Kraken’s business grew. The company’s revenue more than doubled to US$1.5 billion in 2024, with adjusted earnings of US$380 million, Kraken reported earlier this year. Coinbase Global, the biggest crypto exchange in the US, had about US$6.6 billion in revenue last year.

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Kraken is ranked as the tenth-biggest exchange globally by trading volume on the website CoinMarketCap.com. In recent months, the company has expanded its services to more countries and developed additional products.

Kraken is one of the many crypto companies readying to go public, as the initial public offerings (IPOs) market for the industry has opened up. Others considering going public include stablecoin issuer Circle, digital-asset custodian BitGo and crypto exchanges including Gemini and Bullish.

Kraken, which was founded in 2011, has only raised about US$27 million in primary capital. BLOOMBERG