Kraken, a well-established cryptocurrency exchange, is reportedly considering a final funding round in preparation for a potential initial public offering (IPO) in the near future. This decision comes as investors show renewed interest in the digital asset market and as regulatory scrutiny in the United States appears to be easing.
According to sources from Bloomberg, Kraken is aiming to raise more than $100 million and is actively seeking to bring a prominent company on board to strengthen its IPO plans. Initially, CEO Jesse Powell had expressed interest in following a direct listing approach similar to Coinbase’s, but he has now shifted the focus towards a traditional IPO, citing improved prospects. The company has been contemplating going public since 2021.
With cryptocurrency valuations reaching new heights, Kraken’s IPO could take advantage of the current market momentum. Another firm, Circle, which is responsible for the USDC stablecoin, has also been actively pursuing plans to go public through an IPO. In January 2024, Circle confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC).
Kraken’s decision to pursue an IPO reflects the wider trend of growing investor interest in digital asset companies. As these firms receive increased attention, the potential for significant capital inflow also grows. The reported move by Kraken to add a prominent business to its board and raise substantial funds highlights its strategic approach. Only time will tell if the IPO will come to fruition and if the information provided by Bloomberg’s sources is accurate.
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