Kraken Seeks Public Listing Amid Valuation Adjustment

Kraken, a leading cryptocurrency exchange, has filed for an initial public offering (IPO) after pausing listing plans due to its declining valuation. The company secured a $13.3 billion valuation in April, marking a significant drop from its peak of $20 billion in late 2025.

According to Arjun Sethi, co-CEO of Kraken, the exchange aims to bring institutional-grade trading tools to retail users. This goal is similar to services offered by Jane Street and JPMorgan Chase.

Kraken has also obtained a master account with the Federal Reserve Bank of Kansas City, granting direct access to U.S. payment systems, including Fedwire. This move enables dollar settlements without intermediary banks, though it excludes interest on reserves and lending facilities.