Kraken is one of the world’s largest cryptocurrency exchanges.
Tiffany Hagler Geer | Bloomberg via Getty Images
Kraken co-CEO Arjun Sethi reiterated on Tuesday that the cryptocurrency exchange has confidentially filed for an initial public offering in the United States.
In November 2025, CNBC reported that Kraken was planning to debut. Separately, Kraken said in a blog post at the time that it had filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission, but did not yet know when the offering would take place.
The website said Sethi’s comments were made at the Semaphore World Economic Conference in Washington, DC. According to Semaphore, the executive said Kraken strives to make advanced trading strategies typically reserved for professional investors available to retail investors.
The cryptocurrency exchange reportedly lost more than $6 billion in valuation. Bloomberg reported earlier on Tuesday that Deutsche Börse Group has committed to invest $200 million in Kraken in exchange for a fully diluted ownership stake of 1.5%, implying a valuation of $13.3 billion. In November, Kraken announced $800 million in funding at a $20 billion valuation.
Less than a month later, in the midst of a crypto winter when Bitcoin prices were 40% below their October record, Kraken froze its IPO plans. The leading cryptocurrency has been on the rise in recent weeks. It rose to $76,000 on Tuesday, its highest level since February, and is now up 9% for April.
Rival cryptocurrency exchanges gemini space station The company’s stock price has fallen nearly 49%, but the stock is up 15% since the beginning of the month.
—CNBC’s Liz Napolitano contributed reporting.
