Kraken has filed confidentially for IPO, co-CEO of crypto exchange confirms

Sign up for Semafor Business: The stories (& the scoops) from Wall Street. Read it now.

The US crypto exchange Kraken has confidentially filed for an initial public offering, co-CEO Arjun Sethi said Tuesday at Semafor World Economy in Washington, DC, confirming earlier reports.

An investment round in April valued the San Francisco-based platform at $13.3 billion, down from a $20 billion peak in late 2025.

Sethi said the company's aim is to help its customers make the kinds of sophisticated trades and directional bets that otherwise would be available only to professional investors.

"What they want at the end of the day is what Citadel and Jane Street have, or JPMorgan has, and they want it accessible to them," Sethi said. "That's our mission: How do we make all these products open? We want to be able to help enable what you want to do with your own capital."