Kraken Plans to Go Public Via IPO Next Year, Says Report

Crypto firms are spreading their tentacles daily, attracting more participants across the globe. A US-based and one of the long-existing crypto exchanges, Kraken, is considering going public next year.

The company plans to run a final fundraising round to generate $100 million as it prepares for an IPO soon.Notably, the exchange seeks to on-board more investors on its platform will increase its global adoption.

Kraken Prepares for an Initial Public Offering (IPO)

According to a recent Bloomberg report, the Kraken crypto exchange has set plans to go public. Citing some people familiar with the matter, Bloomberg revealed that the crypto exchange is considering a fundraising round.

Further, two people familiar with the matter hinted that Kraken aims to raise a whopping $100 million. They said the exchange will likely generate the money through a pre-IPO round.

Also, the anonymous sources noted that the exchange could complete an IPO by next year.Kraken has indicated its vision to explore more approaches to fulfilling its mission through massive adoption. However, it failed to comment categorically on an IPO or fundraising.

Instead, the exchange stated:

We are always exploring strategic paths toward Kraken's Mission: accelerating the global adoption of crypto. We remain fully focused on investing in this goal."

Payward, Kraken's parent entity, emerged in 2011. Kraken stands as one of the oldest crypto exchanges in the United States.The exchange had long considered going public. However, the company has suffered from different ups and downs due to crypto market volatility and US regulatory crackdowns.

In February 2023, the US Securities and Exchange Commission (SEC) sued Kraken's parent firm, Payward, for its unregistered staking program. Kraken paid a $30 million settlement fee in the case. The crypto exchange also had to discontinue its online staking-as-a-service program.

Currently, Kraken is still in another legal battle with the SEC. The regulator initiated another lawsuit against the exchange for listing unregistered crypto securities on its platform.

A Promising Crypto Market Landscape

The crypto market landscape seems relaxed, with a potential and attractive outlook for companies and investors. With the ongoing presidential campaign in the US, there appears to have been a shift in its regulatory approaches recently.

Moreover, the start of the bull season is gradually pushing most crypto assets to potential new highs.

After trading within the $60,000 region for several weeks, Bitcoin has finally crossed the $70,000 threshold.The primary crypto asset has hit a daily high of $71,918 as of June 7. However, it's still 3.32% down from its all-time of $73,750 in mid-March.

Meanwhile, the US spot Bitcoin ETFs are making waves with impressive daily inflows. On June 6, the products hit their eighteenth trading day of continuous inflows, with a total inflow of $217.7 million.

Similarly, some altcoins have reflected signs of reclaim within the past 24 hours. The positive trend has pushed the overall crypto market up with a 0.13% increase as the cumulative market sits at $2.65 trillion.

Besides Kraken, some crypto-related entities are repositioning their operations with strategic inclusion.On Thursday, June 6, Robinhood Markets Inc. disclosed its plans to acquire the Bitstamp crypto exchange for $200 million.

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