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Kraken has allegedly secured $500 million at a $15 billion assessment, bolstering its economic stance amid increasing conjecture that the cryptocurrency exchange is gearing up for an initial public offering (IPO).
The financing was initially disclosed by Fortune, which referenced an insider close to the discussions in a profile on co-CEO Arjun Sethi. The insider asserted that Kraken finalized the round earlier this month.
When approached by Cointelegraph for verification, a Kraken spokesperson refrained from commenting.
The funding and valuation align broadly with Cointelegraph’s analysis in July, which indicated that Kraken was pursuing $500 million at a $15 billion valuation — a strategy broadly interpreted as progress toward IPO preparedness.
While Kraken has yet to submit any regulatory documentation for a public listing, various of its moves seem to indicate IPO preparation, including improving financial disclosures. Nonetheless, the enterprise has not yet filed an S-1 registration statement with the US Securities and Exchange Commission (SEC), a vital step for any public offering in the U.S.
Established in 2011 and launched in 2013, Kraken is among the oldest exchanges functioning in the industry. It handled an estimated $1.9 billion in trading activity over the past 24 hours, placing it among the top 15 global crypto exchanges, according to CoinMarketCap.
Related: Ether supply on exchanges reaches 9-year low amid ‘Wall Street glow up’
Crypto IPO excitement escalates
Kraken’s reported enthusiasm for a public offering arrives amid a surge of crypto enterprises successfully entering public markets.
Gemini, the exchange established by Cameron and Tyler Winklevoss, was over 20 times oversubscribed in its Nasdaq debut, raising $425 million. Following its public listing earlier this month, its market cap has soared to over $2.8 billion.
Circle, the issuer of USDC (USDC), concluded a billion-dollar IPO in June, with shares skyrocketing 167% on opening day. The firm now boasts a valuation of approximately $31.4 billion.
Figure Technology Solutions, a blockchain-based financing entity, also staged a remarkable debut. Its shares surged more than 20% when trading commenced in September, raising its market cap above $8.4 billion.
Simultaneously, BitGo, a prominent crypto custodian with over $90 billion in assets, has submitted S-1 registration documents to the SEC in its pursuit of listing its Class A common stock on the New York Stock Exchange.
The IPO surge occurs against a backdrop of advantageous regulatory advancements in the United States, including the passage of the GENIUS stablecoin bill and progress on market structuring and anti-CBDC legislation, which collectively have created greater transparency for the digital asset sector.
Related: US lawmakers challenge SEC on Tron IPO, urge investigation into Justin Sun
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