Kraken Files Confidentially for U.S. IPO, Targeting First Quarter 2026 Listing

Kraken has confidentially filed for an initial public offering (IPO) in the United States, the cryptocurrency exchange announced Wednesday, joining a growing pipeline of digital asset companies targeting the public markets.

The filing comes a day after Kraken disclosed it raised $800 million at a $20 billion valuation, representing a 33% increase in under two months. The exchange plans to go public in the first quarter of 2026, Reuters reported.

The number of shares to be offered and the price range have not yet been determined, Kraken said.

Kraken's IPO pursuit follows strong debuts this year from stablecoin issuer Circle and crypto exchanges Gemini and Bullish in U.S. markets. The wave of listings reflects improved sentiment in the digital asset sector amid support from the Trump administration, which has pledged to make America the "crypto capital of the world."

Kraken's recent $800 million funding round included participation from Wall Street firms Jane Street and Citadel Securities.

Founded in 2011, Kraken has expanded beyond its initial crypto focus in recent months, adding equities through commission-free trading and pursuing aggressive acquisitions. The company bought retail futures trading platform NinjaTrader for $1.5 billion in May and acquired futures exchange Small Exchange from IG Group for $100 million last month.