Catenaa, Tuesday, March 11, 2025-Crypto exchange Kraken is targeting an initial public offering (IPO) as early as the first quarter of 2026, according to sources familiar with the matter. The company, officially known as Payward Inc., may change its timeline but is proceeding with plans for a public listing under the current pro-crypto climate.
Kraken, which posted over $1.5 billion in revenue in 2024, has previously explored going public, including raising over $100 million in a pre-IPO funding round in mid-2024.
The firm’s decision to go public comes after the Securities and Exchange Commission (SEC) dropped its case against Kraken for alleged securities law violations on March 3. This shift in regulatory stance is seen as part of a broader trend of a crypto-friendly SEC under the Trump administration, which has helped fuel interest in public listings by major crypto exchanges, including Gemini and eToro.
A Kraken spokesperson emphasized the firm’s commitment to transparency, noting their pioneering approach with proof of reserves and their ongoing efforts to prioritize business transparency. The SEC’s approval would be required for Kraken to move forward with its IPO, but the firm is positioning itself for a more favorable environment for crypto firms seeking public listings.
Kraken’s potential IPO represents a milestone in the evolving relationship between traditional financial markets and the crypto industry.
