Kraken Has Filed a Confidential Application for an IPO

• Kraken has confirmed its intention to become a public company.
• The exchange has filed for an IPO, which is confidential for now.
• It was previously expected to go public in the first quarter of 2026.

Cryptocurrency exchange Kraken announced that it has filed a confidential application with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). At the same time, the date of the company’s entry into the stock market remains uncertain.

Rumors that Kraken is preparing for an IPO appeared back in March 2025. At that time, it was assumed that it would happen in the first quarter of 2026. Allegedly, the company returned to the idea of an IPO against the backdrop of changes in the regulatory background in the United States.

In the following months, the exchange actively raised funds. At the end of the last round, its valuation reached $20 billion.

It is noteworthy that Kraken’s CEO Arjun Sethi, shortly before the filing with the SEC, claimed that the company does not plan to hold an IPO. Allegedly, there is no need for additional capital.

The company’s confidential filing does not give specific details about the size of the issue, the price range of the shares and the underwriters. The move often precedes a public filing.

Several months may pass between these events. Gemini Exchange, for example, filed confidentially in March 2025 and publicly in August.

Kraken emphasized that the IPO will take place after regulatory approval and subject to market conditions. Meanwhile, users of the Polymarket platform believe it will happen before the end of March 2026. The probability of such a scenario is 73%.