Why Kraken prepares for an IPO: History, rumors, and timing

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Olesia Kramarenko

20.11.2025

Why Kraken prepares for an IPO: History, rumors, and timing — Kraken files for an IPO after years of rumors

There’s an unwritten tradition in the crypto sector: major events always arrive unexpectedly. First come the whispers in private chats, insider hints, speculations like “maybe next year,” and then — a short line in a press release that ends all the rumors at once. That’s exactly what happened with Kraken. For years, the exchange avoided giving a clear answer on whether it planned to go public, and then suddenly it filed a confidential application with the SEC.

Early talks about a possible IPO

The first discussions about a potential Kraken listing appeared back in 2024. At the time, people said the company was considering the possibility of an IPO (initial public offering), but there were neither confirmations nor denials. Kraken behaved in a very “crypto-native” way: keeping silent while the market actively theorized why the exchange might choose this cycle to go public.

The reason for that secrecy is clear now. Kraken was simply waiting for the moment when an IPO would no longer be risky but strategically sensible — and that moment has finally arrived.

The U.S. Securities and Exchange Commission (SEC), which had been operating in a limited capacity for more than a month due to a government shutdown, has returned to normal functionality. The market woke up. Companies rushed to file documents. And suddenly there was a sense that 2025–2026 might become a new wave of crypto IPOs. The calm ended — and Kraken made its move.

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When going public stopped being a risk

Kraken submitted its filing at a very interesting moment. Just a few days earlier, Grayscale — a company that has long been a bridge into the crypto world for traditional investors — did the same. If Grayscale is ready to go public, it means the market is becoming predictable and understandable again for major financial players.

In September, similar news emerged about BitGo. A company that spent years quietly safeguarding digital assets for institutions suddenly stepped into the spotlight: $90 billion under custody and a plan to list on the NYSE.

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Infrastructure companies are no longer afraid to open up. They believe in demand, in the regulatory environment, and in the strength of their business models. Kraken is now doing what Coinbase once did — stepping toward a higher level of demand.

When Coinbase went public in 2021, many viewed it as an experiment. But it worked. Investor appetite was enormous, interest was even greater. It was a clear signal: investors were not just willing to work with crypto companies — they wanted to own them.

Later, Gemini showed that this appetite wasn’t a one-time phenomenon. Its first trading day became one of the standout stories of the year — the market welcomed the company enthusiastically, and its price surge rivaled the best tech IPOs.

Kraken’s IPO — a new chapter

Kraken is neither a newcomer nor a second-tier player. The exchange has been operating since 2011 — it survived Mt. Gox, three market cycles, banking crises, and waves of regulatory pressure. Kraken built its reputation slowly, sometimes even overly cautiously, but that cautiousness helped it remain stable where others collapsed.

Over the past two years, Kraken has strengthened its market position, raised hundreds of millions in funding, and reached an estimated valuation of around $20 billion. The company has become large and structured enough to see an IPO not as a gamble, but as a logical next step.Now, with the SEC reviewing companies again, with rising interest in crypto infrastructure, and with investors returning to digital assets, the window of opportunity is wide open.

This is a sign that a new cycle is forming within the crypto industry. That is why Kraken’s IPO is more than a procedural filing — it is a marker of the direction the crypto market may follow in the coming years.

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