The cryptocurrency exchange Kraken, with the legal name Payward Inc, is considering a plan to go public through an initial public offering (IPO) as early as the first quarter of 2026. However, the company may still change its strategy. Bloomberg was the first to report this news, citing people familiar with the matter.
A Kraken spokesperson told The Block:
"We recently published our 2024 financial report to increase transparency in our business operations. Kraken is a pioneer in publicly disclosing Proof of Reserves, and we will continue to prioritize this. Public listing will be carried out when it is in the best interest of our customers, partners, and shareholders."
In 2024, Kraken recorded revenue of over $1.5 billion and had been considering an IPO since 2021. In mid-2024, the company also sought over $100 million in pre-IPO funding.
Kraken is now joining the list of cryptocurrency companies like Gemini and eToro that are considering going public. This is happening in the context of the U.S. Securities and Exchange Commission (SEC) having a more open stance towards the crypto market under the Trump administration.
Kraken's decision to go public in 2026 comes right after the SEC dismissed a lawsuit against the company on 3/3 related to allegations of securities law violations.
