Kraken confidentially files for US IPO, sources say

Kraken has confidentially filed for an IPO in the US, according to a person familiar with the matter.

Kraken is a US-based crypto-exchange that enables trading of digital assets such as bitcoin and ether, and also offers tokenized equities trading in the European Union.

The company recently raised US$800 million at a US$20 billion valuation, with US$200 million from Citadel Securities.

Kraken said the new funding will support its expansion into international markets and the development of payment services.

The timing of the IPO has not been disclosed.

🔗 Source: CNBC

🧠 Food for thought

Implications, context, and why it matters.

The SEC dismissal removed an IPO obstacle, but Kraken’s valuation hinges on a still-developing payments expansion

In March 2025, the US Securities and Exchange Commission (SEC) dismissed with prejudice its November 2023 lawsuit against Kraken 1. The case alleged an unregistered exchange plus broker, dealer, and clearing agency roles. The move cleared a cloud over any IPO.
A $20 billion valuation looks rich against $1.5 billion in 2024 revenue 2. Kraken plans to grow by adding international payment services, a thin-margin arena outside its stronger exchange business.
Kraken is pushing KRAK (its consumer app) into payments across new regions 3 4. This needs local fiat rails and Know Your Customer/Anti-Money Laundering (KYC/AML) checks. It also needs bank partners across Latin America and Asia Pacific. Plans include Europe, the Middle East and Africa (EMEA).

Payments vendors should move now on Kraken’s international push

Vendors in KYC/AML, fraud, or cross-border rails can pitch Kraken now 4 3. The company is entering Latin America, Asia Pacific, and EMEA 3. A June 2025 deal with Ivy (a European instant bank payments provider) signals active buying 4 3.
The Ivy tie-up enables Single Euro Payments Area (SEPA) Instant payments and local International Bank Account Numbers (IBANs) for compliance 4. Kraken will lean on specialists, not build all of it. Buying should speed up as it enters more regions at once.
Watch Kraken hiring for regional payment ops and business development roles tied to banks. These posts hint at near launches and short buying windows before rivals such as Coinbase or Binance secure exclusive deals.