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).<\/p>\n
The financing was initially disclosed<\/a> 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.<\/p>\n When approached by Cointelegraph for verification, a Kraken spokesperson refrained from commenting.<\/p>\n The funding and valuation align broadly with Cointelegraph\u2019s analysis in July<\/a>, which indicated that Kraken was pursuing $500 million at a $15 billion valuation \u2014 a strategy broadly interpreted as progress toward IPO preparedness.<\/p>\n 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<\/a>. 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.<\/p>\n 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<\/a>.<\/p>\n Related: <\/strong><\/em>Ether supply on exchanges reaches 9-year low amid \u2018Wall Street glow up\u2019<\/strong><\/em><\/a><\/p>\n Kraken\u2019s reported enthusiasm for a public offering arrives amid a surge of crypto enterprises successfully entering public markets.<\/p>\n Gemini, the exchange established by Cameron and Tyler Winklevoss, was over 20 times oversubscribed in its Nasdaq debut, raising $425 million<\/a>. Following its public listing earlier this month, its market cap has soared to over $2.8 billion.<\/p>\n Circle, the issuer of USDC (USDC<\/a>), concluded a billion-dollar IPO in June, with shares skyrocketing 167% on opening day<\/a>. The firm now boasts a valuation of approximately $31.4 billion.<\/p>\n Figure Technology Solutions<\/a>, 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.<\/p>\n Simultaneously, BitGo, a prominent crypto custodian with over $90 billion in assets, has submitted S-1 registration documents<\/a> to the SEC in its pursuit of listing its Class A common stock on the New York Stock Exchange.<\/p>\n 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.<\/p>\nCrypto IPO excitement escalates<\/h2>\n