Kraken has quietly taken its biggest step yet toward going public as the list of crypto companies looking to tap U.S. capital markets has grown following President Donald Trump’s return to the White House.
The long-standing crypto exchange said Wednesday it has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, marking its formal entry into the IPO queue after years of speculation.
Wednesday’s filing arrived on the heels of Kraken’s new $20 billion valuation. On Tuesday, the California-based firm disclosed raising $800 million across two tranches over two months.
Kraken’s filing doesn’t include details on timing, share count, or pricing. As with all confidential submissions, the SEC’s review — and market conditions — will dictate the next move.
Founded in 2011, Kraken is one of crypto’s oldest operating trading venues. Its product suite now spans more than 450 digital assets, U.S. futures, equities, ETFs, and institutional services, according to its release.
Previous reports indicated Kraken was targeting early 2026 for its IPO debut.
The filing lands during a notable resurgence in crypto IPO activity and speculation following the public listings of firms like Bullish, Circle, and Gemini earlier this year. Grayscale, for instance, formally moved to list on the New York Stock Exchange earlier this month, part of a broader push to bring the digital asset industry deeper into public markets under the Trump administration.
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