Kraken IPO still on table despite valuation cut and market pause, co-CEO says

Crypto exchange Kraken is still pursuing a potential US initial public offering, even as its valuation has fallen sharply and listing plans have been put on hold amid volatile market conditions, its co-chief executive said.

The company confidentially filed an S-1 registration statement with the US Securities and Exchange Commission in November but delayed its IPO plans amid difficult market conditions.

Co-CEO Arjun Sethi said Tuesday the public offering "is still on the table," underscoring that Kraken continues to evaluate long-term access to public markets despite near-term uncertainty.

The exchange is currently valued at about $13.3 billion, down from roughly $20 billion in November, reflecting shifting sentiment across crypto-linked assets and broader capital markets.

Despite the IPO delay, Kraken has continued to attract significant institutional backing. Between 2011 and 2024, the company raised about $27 million in early-stage funding, but fundraising has accelerated sharply in recent months.

Since mid-2025, Kraken has raised roughly $600 million in a round led by proprietary trading firms Jane Street and DRW followed by a $200 million investment from hedge fund manager Citadel.

It also completed a $200 million secondary transaction involving German exchange operator Deutsche Börse, which reportedly acquired a 1.5% stake in the company.