Key Takeaways
Crypto exchange Kraken is moving forward with plans for a US initial public offering, Co-CEO Arjun Sethi confirmed, even as the firm’s valuation has dropped by a third and broader market weakness persists. The company’s confidential IPO filing remains active with the Securities and Exchange Commission.
“What they want at the end of the day is what Citadel and Jane Street have, or JPMorgan has, and they want it accessible to them,” Arjun Sethi, Kraken co-CEO, said at the Semafor World Economy Summit on April 14. “That's our mission: How do we make all these products open?”
The confirmation follows a secondary share sale that valued the exchange at approximately $13.3 billion. The deal involved German exchange operator Deutsche Börse acquiring a $200 million stake, a 33% discount from the $20 billion valuation Kraken achieved in a late 2025 funding round. That earlier $800 million raise was backed by institutional investors including Citadel Securities and Apollo Global Management.
Kraken’s quiet persistence with its listing plans, first filed confidentially on Nov. 19, 2025, shows the exchange is balancing its public ambitions against a difficult market. The company had previously paused its IPO process in March 2026, citing the downturn in crypto prices and trading volumes. The performance of publicly-traded rival Coinbase, which first saw its IPO investors in profit in July 2025 after listing in 2021, highlights the potential volatility for crypto equities.
The investment from Deutsche Börse, which gives it a roughly 1.5% stake, is more than a valuation benchmark; it deepens a strategic partnership formed in late 2025. The collaboration aims to build a bridge between traditional financial infrastructure and crypto markets, focusing on institutional-grade services for trading, custody, and tokenized assets.
Kraken has been expanding its institutional product suite to support this vision. The company previously acquired trading software firm NinjaTrader for a reported $1.5 billion and also secured direct access to a Federal Reserve master account, streamlining its fiat currency operations in the US. These moves position Kraken to compete for institutional capital by offering a hybrid of crypto-native services and traditional financial plumbing. The company has not yet named a listing venue, though Nasdaq is seen as the most likely choice.
This article is for informational purposes only and does not constitute investment advice.
